Corn Futures Reverse Gains on Friday Morning
Corn futures reversed their gains on Friday morning, shedding between 4 and 5 cents as trading closed out for the week. According to Detik Finance, market participation increased alongside price shifts, with open interest growing by 16,521 contracts.
The previous session saw stronger performance from corn futures, with front-month contracts holding onto advances of 2 to 3 cents. Deferred 2027 contracts, however, closed slightly lower. Physical markets reflected higher values during this period, as the CmdtyView national average Cash Corn price rose by 2 cents to $4.34 1/2.
Data released on Thursday indicated old crop corn export sales of 332,679 metric tons for the week ending July 16. This volume modestly exceeded the previous week's figures but reached roughly half of the total recorded during the corresponding timeframe last year. Mexico led all foreign purchasers with 203,300 metric tons acquired.