US/China Meeting Leaves Corn Prices Reeling

Corn prices are falling on Friday morning, down 11 to 12 cents from Thursday's close. The futures market saw fractional to 2 ½ cent losses across most contracts at the end of trading. Open interest was up by just 4,533 contracts.

The lack of details released following the US/China meeting between their leaders is contributing to the decline in corn prices. A wet pattern is expected over the central third of the country in the next seven days, with some areas expecting significant rainfall.

Export sales data for the week ending September 17 showed 838,328 MT of corn sold, which was below trade ideas and lower than the same period last year. Japan was the top buyer, followed by Mexico and Colombia.