Commodities
Home›Commodities›Agriculture›Corn futures rebound, tracking crude oil and USDA expo…
Corn futures rebound, tracking crude oil and USDA export sales
Corn futures closed near session highs, with September up 5.3 cents on the week as USDA export sales for old crop reached 86.279 MMT, 102% of the export projection.
Corn futures rebounded on Friday after early weakness, finishing near the highs of the day and up 2.25 to 3.5 cents across most contracts, according to Yahoo Finance. September corn rose 5.25 cents on the week, while December was up 6.5 cents.
The move was supported by a rebound in crude oil back above $80 per barrel, gaining about $3.50 on the day, the article said. It also cited NOAA’s 7-day forecasts calling for little precipitation in much of the Dakotas, with parts of the eastern corn belt forecast near 1 to 2 inches.
On the demand side, Yahoo Finance pointed to USDA’s Thursday Export Sales report, saying old crop corn sales reached 86.279 MMT, or 102% of the USDA export projection. Shipments were 87% of the export projection at 73.058 MMT, while 2026/27 sales totaled 6.859 MMT, 14.5% above the same time last year.
The article also referenced CFTC data from the week of July 14, showing managed money added to net long positions in corn futures and options by 30,732 contracts, mainly due to short covering, taking the net long to 43,391 contracts as of Tuesday. It further cited outlook inputs including Brazil’s 2026/27 corn crop estimate of 144.96 MMT from Safras & Mercado and French and Argentina corn condition and harvest progress from FranceAgriMer and the Buenos Aires Grain Exchange, respectively.
Latest closeWTI crude $79.00 ▼0.8%|Corn $463.50 ▲3.6%