Commodities
Home›Commodities›Agriculture›Corn futures end July lower, dragged by wheat weakness…
Corn futures end July lower, dragged by wheat weakness and rains
Corn December still ended the week up 28 cents, while the national cash average fell to $4.10.
Corn futures fell during the Friday session, with losses ranging from 1.5 cents to 5 cents, and September and December both closed the week down 23.5 cents, according to Yahoo Finance.
The outlet cited spillover weakness from wheat, along with rains and month end pressure, as contributing factors. Despite the weekly decline, December corn remained up 28 cents for the week, while the CmdtyView national average cash corn price was down 6 cents to $4.10.
Weekend rains are expected in parts of Eastern Iowa, Southern Wisconsin and Michigan, Illinois, Indiana, and Ohio. CFTC data released Friday showed managed money added 75,490 contracts to their net long in corn futures and options in the week of July 28, bringing the net long to 168,399 contracts as of Tuesday.
On the export front, Yahoo Finance said old crop corn sales totaled 86.975 MMT, or 103% of the USDA number, with accumulated shipments at 76.373 MMT, or 90% of the USDA export projection. New crop corn sales were 0.1% above the same period last year at 8.624 MMT.
Latest closeWheat $638.00 ▼3.8%|Corn $463.75 ▲4.0%