Corn Futures Trade Lower on Thursday Amid Fractional Losses

Corn futures are trading lower on Thursday, but only fractionally so. Despite some early support from wheat prices, corn contracts have not shown significant gains. The CmdtyView national average Cash Corn price has dropped by a half cent to $4.18 1/4.

The next seven days are expected to bring precipitation to parts of the Dakotas, Minnesota, Missouri, Wisconsin, Iowa, Illinois, Indiana, and Ohio, with totals ranging from 1 to 2 inches across much of the region. This is forecasted to occur over the next couple of days.

New export sales data was released on Thursday, showing a three-week high in corn sales for the week of July 23. The figure of 362,916 MT fell within trade ideas of 300,000 to 600,000 MT and represented a 6.5% increase over the same period last year.