Corn Starting Friday with Losses
Corn prices are down 1 to 2 cents across most contracts on Friday morning. Futures posted lower trade across the front months on Thursday, with losses of 3 to 4 cents. Preliminary open interest was up 6,338 contracts on Thursday. The CmdtyView national average Cash Corn price was down 4 cents at $3.76 3/4. The average close for December futures so far this month remains at $4.20, as the 7 closes have ranged from $4.16 ½ to $4.22.
Outside pressure was a factor as the US dollar index hit a 2 month high and crude oil was down 98 cents/barrel. Crude is down another $1/barrel this morning.
Harvest pressure may be a factor as the record acreage seems to be getting off unimpeded for much of the country. Lack of Export Sales data and tracking the current pace of sales is also giving some growing traders uncertainty.
Dec 25 Corn closed at $4.18 1/4, down 3 3/4 cents, currently down 1 1/2 cents
Nearby Cash was $3.76 3/4, down 4 cents,
Mar 26 Corn closed at $4.34, down 3 3/4 cents, currently down 2 cents
May 26 Corn closed at $4.42 3/4, down 3 1/2 cents, currently down 2 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.