Corn Prices Slide Back to Start Week-Ending Trade
Corn prices started Friday's trade session with losses of around 4-5 cents, marking a reversal from recent gains. This comes after futures closed Thursday with contracts holding onto 2-3 cent gains in the front months and deferred 2027 contracts slightly lower.
New buying continued to come into the market, as indicated by an increase of 16,521 contracts in open interest. The CmdtyView national average Cash Corn price was up 2 cents at $4.34 1/2.
The latest Export Sales data showed 332,679 MT of old crop corn business in the week of 7/16, slightly higher than the previous week but nearly half of the same week last year. Mexico was the top buyer with 203,300 MT, followed by Taiwan with 152,000 MT.
New crop sales improved to 701,505 MT, making it the 4th largest sale for new crop this marketing year, although down 4.4% from the same week last year. Unknown destinations were the top buyers of 168,000 MT, while Colombia purchased 148,100 MT.