Corn Futures Close July with Losses Amid Wheat Weakness

Corn futures closed the month of July with losses, as September and December contracts both fell by 23.5 cents on Friday. The decline was attributed to spillover weakness from wheat, recent rains, and month-end pressure. Despite this, December corn futures were still up 28 cents for the week.

The CmdtyView national average Cash Corn price dropped 6 cents to $4.10 per bushel. Weekend rainfall is forecasted in parts of Eastern Iowa, Southern Wisconsin/Michigan, Illinois, Indiana, and Ohio.

CFTC data released on Friday showed managed money increasing their net long position in corn futures and options by 75,490 contracts in the week ending July 28. This brought their total net long to 168,399 contracts as of Tuesday.