Corn Futures Close Weak as Export Sales Data Released
On Thursday, corn futures closed lower with front-month contracts down by 2 to 3.25 cents per bushel while deferred months saw slight gains of up to 1.25 cents. The national average cash price for corn fell by 2.75 cents to $4.1625. Export sales data showed strong activity in the week ending July 23, with Colombia and Mexico as major buyers under the current marketing year. However, bookings for the next season remained significantly below last year's levels despite hitting a yearly high. The market is also watching weather forecasts predicting rainfall of up to two inches over several Midwest states within days, potentially affecting crop conditions. Despite strong export sales in recent weeks, new-crop cash prices dropped by 3.75 cents as traders remain cautious ahead of potential changes in supply and demand dynamics.
Tickers: $CORN
Topics: corn export_sales futures_trading