Corn Futures Plummet Amid Continued Managed Money Selling

Corn futures suffered a significant decline on Friday, with contracts falling by 1.5 to 5.25 cents across the board.

The December contract was particularly affected, plummeting by 30.5 cents for a loss of 5.77% this week.

The USDA reported a private export sale of 218,600 metric tons (MT) of corn to Mexico on Friday morning, with shipments scheduled for the next three marketing years.

According to CFTC data, managed money continued to trim their net long position in corn futures and options, reducing it by another 36,587 contracts as of Tuesday. Their net long position now stands at 377,850 contracts.