Corn Prices Weaken on Friday Amid New Short Interest

Corn prices are experiencing weakness on Friday morning, with losses ranging from 2 to 3 cents. The market saw front-month contracts down by 2 to 3 ¼ cents, while deferred contracts were fractionally higher. Open interest rose by 18,370 contracts, indicating new short interest in the market.

The national average Cash Corn price declined by 2 ¾ cents to $4.16 ¼. The next seven days are expected to bring rainfall across the eastern parts of Nebraska and the Dakotas, as well as Wisconsin, Iowa, Illinois, Indiana, and Ohio.

Export sales data released on Thursday showed a significant increase in corn sales for the week ending July 23, with 362,916 MT sold. This represents a three-week high and is 6.5% above the same period last year. Colombia and Mexico were among the top buyers of corn, while unknown destinations purchased 425,500 MT.