Corn Prices Retreat After Reaching Three-Year Highs
Corn prices are retreating on Thursday morning after reaching three-year highs on Wednesday. The market rallied to new highs, with contracts closing 10 to 13 ½ cents higher. This surge was likely due to spillover strength in wheat and supply concerns over the US crop.
Open interest decreased by 5,593 contracts on Wednesday, with a significant portion of that decrease coming from September contracts (-33,850). The CmdtyView national average Cash Corn price also increased by 13 1/2 cents to $4.85.
The market is awaiting the release of Export Sales data this morning, which is expected to show net reductions of 200,000 MT to net sales of 400,000 MT for 2025/26 sales in the week ending on August 20. New crop bookings are predicted to be in a range of 0.6-1.6 MMT in that week.