Corn Futures Decline on Friday Amid Wheat and Rainfall Pressure

Corn futures declined on Friday as traders closed out their positions for July. The decline was due to spillover from wheat, rains, and month-end pressure. According to CmdtyView's national average Cash Corn price, it fell by 8 1/4 cents to $4.08 1/4.

Rainfall in parts of the Northeast, the Dakotas, and Minnesota overnight contributed to the decline. The next seven days are expected to bring 1-2 inches of rain across much of Missouri, Wisconsin, Iowa, Illinois, Indiana, and Ohio.

Export Sales data showed old crop corn sales at 86.975 MMT, which is 103% of the USDA number and ahead of the last few years' pace. New crop corn sales, however, are only 0.1% above the same period last year at 8.624 MMT.