Commodities
Corn Prices Pull Back After Strong Rally in First Half
Corn futures retreated on Thursday after a strong rally in the first half of the week. The prices slipped by 3 to 4¼ cents in the front months, while deferred contracts fell as much as 8¼ cents.
The CmdtyView national average Cash Corn price dropped back down 3 cents at $4.82. Export Sales data released earlier this morning showed that 31,220 MT of old crop corn was sold for the week ending on August 20, which is a marketing year low.
The Netherlands and Japan were among the top buyers, with 100,560 MT and 84,200 MT purchased respectively. A total of 277,500 MT was cancelled due to unknown buyers, most of which was switched to another destination.