Corn Futures Decline Amid Pressure from Wheat Losses
Corn futures are down by 1 to 2 cents at midday trading, influenced by sharp losses in wheat markets. The CmdtyView national average Cash Corn price has dropped 1.75 cents to $4.32 per bushel as of Friday. Export sales data shows total corn commitments now reaching 86.613 million metric tons (MMT), surpassing the USDA export projection by 103%. New crop sales are at 7.56 MMT, which is ahead of last year's figure by 12.5%. The National Oceanic and Atmospheric Administration’s (NOAA) 7-day quantitative precipitation forecast indicates less than 0.5 inches of rain across most parts of the Corn Belt in the coming week, with Missouri being an exception where at least one inch is expected. The article also notes that coffee prices are falling due to a projected increase in global production. The market appears influenced by both weather forecasts and export data, which could affect supply expectations.
Tickers: $CORN
Topics: corn futures trading weather impact