Corn Prices Slip on US-China Meeting Details and Weak Export Sales

The price of corn has been falling on Friday morning, with losses ranging from 11 to 12 cents. This decline comes after a relatively quiet Thursday trade, where futures closed with fractional to 2 ½ cent losses across most contracts.

One reason for the lack of excitement may be the sparse details released following the US/China meeting between their leaders. Open interest was up by just 4,533 contracts, suggesting that investors are not making significant moves in this market.

In other news, export sales data showed 838,328 MT of corn sold in the week ending September 17, which is below expectations and less than half of what was seen during the same period last year. The top buyer was Japan at 247,000 MT, followed by Mexico with 211,000 MT.