Corn Futures Recover on Friday Morning Following Thursday Decline
Corn futures bounced back on Friday morning, rising by 5 to 6 cents. This comes after a decline in prices on Thursday, when contracts fell by 5 to 9 cents at the close.
The open interest was up by 11,566 contracts on Thursday. The CmdtyView national average Cash Corn price was down by 9 cents at $4.18 1/4.
The latest Export Sales data showed a total of 410,748 MT sold in the week of August 6 for old crop, which is a 5-week high and well above the same week last year's net cancellations. Spain was the top buyer with 257,600 MT, followed by Mexico with 74,000 MT.
In contrast, new crop sales were lower at 924,532 MT in that week, down 54.9% from the same week last year. Mexico was again a major buyer, purchasing 416,400 MT, while unknown destinations bought 253,700 MT.