Corn futures weakened Friday morning, sliding 11 to 12 cents. Thursday’s session closed with fractional to 2½ cent losses across the front-month contracts, while open interest rose modestly by 4,533 contracts. The CmdtyView national average Cash Corn price declined 1¼ cents to $4.83¾.
Thursday’s summit between US and Chinese leaders yielded very few specifics on the ensuing discussions, leaving markets without fresh direction on the trade front.
A wet pattern is forecast over the next seven days across the central tier of the country, with the Plains through Indiana expected to receive 1 to 4 inches. The heaviest totals are concentrated in Nebraska, Iowa, Missouri, and Kansas.
Weekly export sales data released this morning showed 838,328 MT of corn sold for the week ending September 17, landing at the lower end of trade expectations of 0.8–1.4 MMT. The figure was less than half of the prior-year week and 18.3% below the preceding week. Japan led purchases at 247,000 MT, followed by Mexico at 211,000 MT and Colombia at 201,300 MT.
Dec 26 Corn closed at $5.27½, down 1½ cents, currently down 11¾ cents. Nearby Cash was $4.83¾, down 1¼ cents. Mar 27 Corn closed at $5.41½, down 2 cents, currently down 12 cents. May 27 Corn closed at $5.48¼, down 2½ cents, currently down 11¾ cents.
