Corn Prices Rebound on Friday Morning Amid Export Sales Data
Corn prices have rebounded on Friday morning, rising by 5 to 6 cents. This follows a decline from Wednesday's rally, where futures fell back by 5-9 cents at the close of Thursday. Open interest increased by 11,566 contracts on Thursday.
The CmdtyView national average Cash Corn price was down 9 cents at $4.18 1/4. Export Sales data for the week ending August 6 showed a total of 410,748 MT sold for old crop, which is a 5-week high and above last year's net cancellations. Spain was the top buyer with 257,600 MT, while Mexico purchased 74,000 MT.
New crop sales were recorded at 924,532 MT in that week, a 3-week low and down 54.9% from the same period last year. Mexico was again the largest buyer with 416,400 MT, followed by unknown destinations purchasing 253,700 MT.