Corn Futures Decline Amid Rains, Wheat Weakness
On July 31, corn futures closed lower as September and December contracts fell by 23.5 cents for the week amid spillover weakness from wheat prices, weekend rain forecasts in key growing regions, and month-end selling pressure. Despite weekly losses, December corn was still up 28 cents on the week due to strong export sales data ahead of USDA projections. Managed money investors added a net long position of over 75,000 contracts during the reporting period, according to CFTC data released Friday afternoon. Export sales for old crop corn reached 103% of USDA estimates at 86.975 million metric tons with shipments already covering 90% of expected totals. The national average cash price fell by six cents to $4.10 per bushel as traders reacted to weather forecasts and seasonal factors.
Topics: corn futures trading market trends