Corn Falls on Friday
The corn market was under pressure in sympathy with the beans and other some outside pressure on Friday. Contracts closed down 4 to 5 ¼ cents, with December 6 cents lower this week. The CmdtyView national average Cash Corn price was down a nickel at $3.71 3/4.
The average close for December futures so far this month has been $4.19. The whole month average price is used to determine the harvest price for crop insurance.
Spillover pressure was noted from sharp losses in soybean futures following a President Trump post and threats to increase tariffs, which proceeded to be announced starting on November 2 following the close. Outside pressure from $3.31 losses in crude oil was also weighing on the market.
Harvest should continue to roll over the next week with very little precip expected across a majority of the US.
The Buenos Aires Grain Exchange estimates the Argentina corn crop at 26% planted.
Dec 25 Corn closed at $4.13, down 5 1/4 cents,
Nearby Cash was $3.71 3/4, down 5 cents,
Mar 26 Corn closed at $4.29, down 5 cents,
May 26 Corn closed at $4.38, down 4 3/4 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.