The corn market faced downward pressure on Friday, influenced by the soybean market and various external factors. Contracts finished the day down by 4 to 5 ÂĽ cents, with December trading 6 cents lower for the week. The CmdtyView national average Cash Corn price fell by a nickel to $3.71 3/4.
This month, the average close for December futures has been $4.19. This average is crucial as it helps establish the harvest price for crop insurance.
Notable downward movement in soybean futures, coupled with a post from President Trump and threats of increased tariffs set to commence on November 2, contributed to the market’s decline. Additionally, a $3.31 drop in crude oil further pressured the market.
Harvest activity is expected to persist over the coming week as minimal precipitation is forecasted for most regions of the United States.
The Buenos Aires Grain Exchange reports that 26% of the corn crop in Argentina has been 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,
As of the publication date, Austin Schroeder held no positions (directly or indirectly) in any of the mentioned securities. This article is intended for informational purposes only. Originally published on Barchart.com.
