Corn futures are trading steady to slightly higher on Friday morning, following a day of losses on Thursday. The market saw declines of 1 to 4 ¼ cents across various contracts, erasing earlier gains. Open interest rose by 14,127 contracts, suggesting some new selling pressure. The CmdtyView national average cash corn price fell 3 3/4 cents to $4.04.
USDA’s Export Sales report from Thursday revealed 1.295 MMT of 26/27 corn sales for the week of October 29, marking a three-week low and a 35.1% drop from the same week last year. Mexico was the top buyer with 381,300 MT, while unknown destinations purchased 253,500 MT.
Traders are anticipating the monthly NASS Crop Production report due on Tuesday. A Bloomberg survey predicts corn yield will be reduced by 0.6 bushels per acre, to 180.6 bpa, with production estimated to fall by 54 million bushels to 15.98 billion bushels.
Key contract prices include Dec 26 Corn at $4.40, down 4 1/4 cents but currently up 1/4 cent. Nearby Cash is at $4.04, down 3 3/4 cents. Mar 27 Corn closed at $4.54 1/2, down 3 3/4 cents but currently up 1/4 cent. May 27 Corn closed at $4.63 1/4, down 3 1/4 cents and unchanged in early trading. Dec 27 Corn closed at $4.83 1/2, down 2 cents and steady. New Crop Cash is at $4.46, down 2 1/4 cents.