Corn Prices Plummet Amid Month-End Pressure and Rainfall Forecasts
Corn futures are experiencing a decline on Friday, mirroring the trend in grains. This downturn is attributed to various factors, including spillover from wheat markets, recent rainfall in some areas, and month-end pressure. The CmdtyView national average Cash Corn price has dropped by 8 1/4 cents, reaching $4.08 1/4.
Rainfall was recorded overnight in parts of the Northeast, the Dakotas, and Minnesota. A significant amount of precipitation is forecasted for the next seven days, with 1 to 2 inches anticipated across a large portion of Missouri, Wisconsin, Iowa, Illinois, Indiana, and Ohio. This expected rainfall will likely have an impact on corn prices.
Export sales data revealed that old crop corn sales exceeded expectations, reaching 86.975 MMT (million metric tons), which is 103% of the USDA's projected number. Accumulated shipments also surpassed projections at 90%, with new crop corn sales slightly ahead of last year's pace at 8.624 MMT.
The current prices for September 26 Corn, Nearby Cash, December 26 Corn, March 27 Corn, and New Crop Cash are down by various amounts: $4.38 3/4, $4.08 1/1, $4.61 3/4, $4.77 1/2, and $4.10 1/4 respectively.