Corn Prices Start August with a Slump
Corn prices started the new month of August on a weak note, slipping by 3 to 4 cents on Monday morning. The losses were not limited to just one day, as futures posted declines of 1 ½ to 5 cents on Friday's session. September and December corn futures both closed the week with a loss of 23 ½ cents each.
The weakness in corn prices can be attributed to spillover effects from wheat, rains, and month-end pressure. Despite this, December corn managed to stay positive for the week, rising by 28 cents overall.
A significant development was seen in the Open Interest data, which showed a decline of 3,693 contracts on Friday. This suggests that some long positions were being closed out. The CFTC data also revealed that managed money added 75,490 contracts to their net long position in corn futures and options during the week ending July 28.
The Brazilian second crop corn is estimated to be at 69% harvested in the center south region, with a total of 110.5 MMT expected for the season. The overall crop estimate for 2025/26 stands at 142.8 MMT.