Corn Prices Slip on Crude Oil Drop and Contract Liquidation
Corn prices are feeling the pressure on Friday morning, down 2 cents in the front months. The futures market saw a decline of 1 to 4 3/4 cents on Thursday, while open interest dropped by 8,213 contracts. This liquidation was led by the front two contracts. The CmdtyView national average Cash Corn price also dipped, down 3 3/4 cents at $4.85 1/4.
The decline in corn prices is being influenced by the drop in crude oil prices, which fell by $1.34 on Thursday. This added pressure to the market. Export Sales data revealed that 1.027 MMT of corn was sold for the 2026/27 marketing year, a decrease of 16.6% from the same week last year.
Mexico was the largest buyer, purchasing 626,000 MT, followed by Japan with 150,200 MT. South Korea also made significant purchases, with two importers buying a total of 130,000 MT in a tender overnight. This follows Thursday's sales of 260,000 MT.