Corn prices fell by 2 to 3 cents on Friday, following a Thursday session where futures saw gains of 3 to 4 cents. The CmdtyView national average new crop cash corn price increased by 3 cents to $3.78. Preliminary open interest rose by 13,077 contracts on Thursday.
The USDA reported a private export sale of 135,000 metric tons (MT) of corn to South Korea, corrected from an initial report indicating China, along with another sale of 284,196 MT for unknown destinations. In total, 643,060 MT of 2024/25 corn were sold in the week ending July 17, significantly surpassing prior figures and nearly double the same period last year.
Mexican buyers accounted for 346,200 MT of the sales, while South Korean importers estimated purchases of at least 268,000 MT. Current corn futures prices include Sep 25 at $4.01 3/4 (down 2 ¾ cents), Dec 25 at $4.20 3/4 (down 2 ½ cents), and Mar 26 at $4.38 1/4 (down 2 ¼ cents).
