Corn Futures Slide Lower After Brief Rally

Corn futures are trading lower on Thursday, following gains of 17 to 20 cents on Wednesday. According to Barchart, contracts are currently 6 to 7 cents lower at midday. The CmdtyView national average Cash Corn price is down 6 3/4 cents at $4.21 1/2.

The release of Export Sales data this morning showed a total of 410,748 MT sold in the week of August 6 for old crop, exceeding trade ideas of between net cancellations of 100,000 MT to sales of 400,000 MT. This was a 5-week high and well above the same week last year's net cancellations.

New crop sales were tallied at 924,532 MT in that week, which was in the middle of estimates calling for between 0.8-1.4 MMT. However, this was a 3-week low and down 54.9% from the same week last year.