Corn Futures Decline Amid Improved Weather Outlook and Crude Oil Drop
Corn futures are experiencing losses as contracts fall between 13 to 15 cents across front months, influenced by better weather forecasts for the Corn Belt and a $6.63 drop in crude oil prices. The national average Cash Corn price has also declined by 13¾ cents to $4.20¼. USDA reported corn export shipments at 1.488 MMT (58.58 mbu) during the week ending July 23, which is below both the previous week and last year's figures. Mexico was the largest destination for U.S. corn exports in that period, followed by Japan and Colombia. Marketing year exports are currently at 75.324 MMT (2.965 bbu), up significantly compared to the same time last year. Meanwhile, managed money investors increased their net long position in corn futures and options during the week of July 21.
Topics: corn crude_oil_impact futures_trading weather_forecast