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Corn Prices Dip Amid Wheat Woes
26 Jul
Summary
- Corn futures experienced losses due to pressure from wheat market declines.
- NOAA forecasts minimal rainfall across most of the Corn Belt next week.
- Corn export commitments are ahead of projections and last year's pace.
Corn futures experienced losses on Friday, with prices trading down 1 to 2 cents. Spillover pressure from sharp declines in the wheat market contributed to the downward trend. The CmdtyView national average Cash Corn price was reported at $4.32, down 1 3/4 cents.
Looking at the weather forecast for the upcoming week, NOAA's 7-day Quantitative Precipitation Forecast (QPF) indicates less than 0.5 inches of rainfall across much of the Corn Belt. Missouri is expected to receive at least an inch, while eastern Ohio could see between 1 to 2 inches.
In terms of export sales, data released on Thursday showed that total corn commitments have reached 86.613 million metric tons. This figure represents 103% of the USDA's export projection, surpassing the 101% seen in the previous three years. New crop sales have accumulated to 7.56 million metric tons, which is 12.5% ahead of the same period last year.
