Corn Prices Continue to Decline Amid Reduced Open Interest
On Friday, corn prices continued their downward trend with a decline of two cents in the front months. The previous day saw futures drop between one and four-and-three-quarters cents, while open interest fell by 8,213 contracts on Thursday due largely to liquidation activity in the nearest contracts. The national average Cash Corn price dropped nearly four cents to $4.85 per bushel as of Friday morning. Export sales for corn during the week ending September 10 totaled 1.027 million metric tons, a decrease of 16.6% compared to the same period last year. Mexico remained the largest buyer with over 626,000 MT purchased, followed by Japan and South Korea. Crude oil prices also fell on Thursday, adding downward pressure on corn markets. Additional sales from overnight tenders in South Korea added another 130,000 MT to total exports following a previous day's sale of 260,000 MT.
Topics: corn export_sales futures_prices