Corn Continues Downward Trend on Friday

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Corn futures declined on Friday following the USDA data release, closing down 3 to 5 cents. September futures ended the week at $3.96, down 24 ¼ cents, while December futures fell to $4.12 ¼, down 24 ¾ cents. The national average cash corn price was reported at $3.82 1/4, a decrease of 3 cents. Additionally, President Trump announced a 35% tariff on Canadian goods effective August 1, 2023.

The USDA adjusted its balance sheets, reducing old crop feed and residual by 75 million bushels but increasing exports by 100 million bushels, bringing the 2024/25 carryout to 1.35 billion bushels. New crop production estimates fell to 15.705 billion bushels, down 115 million due to lower acreage, maintaining a yield estimate of 181 bushels per acre. Brazil’s corn production projection was raised by 2 million metric tons to 132 million metric tons.

As of July 8, the Commitments of Traders report indicated that speculators reduced their net short position in corn futures by 2,602 contracts, bringing the total to 203,861 contracts. Meanwhile, commercials increased their position slightly, adding 3,650 contracts to their net short position of 30,181 contracts.

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