Corn futures experienced weakness early in the trading session, with losses of 12 to 14 cents driven by an improving weather outlook and a $6.07 decline in crude oil prices. While initial weakness was substantial, front-month contracts staged a partial recovery, pulling more than 8 cents off their lows before the close. September contracts closed fractionally mixed, ending the day up 19 1/2 cents for the week, while December contracts finished unchanged but were up 20 cents on a weekly basis.
Open interest declined by 10,536 contracts, with the September contract accounting for much of the decrease at 19,494 contracts. Some deferred contracts posted losses as large as 1 1/4 cents. The national average cash corn price rose 1/4 cent to $4.34.
A National Oceanic and Atmospheric Administration seven-day quantitative precipitation forecast indicated 1 to 2 inches of rainfall expected across much of the Corn Belt, including areas from Nebraska across Iowa, Missouri, Illinois, and Indiana over the coming week. The Dakotas and Minnesota were projected to receive less than 0.5 inch, with spotty totals reaching up to an inch in some areas.
Commodity Futures Trading Commission data released Friday showed managed money investors adding to their net long positions in corn futures and options during the week ending July 21, with the increase of 49,518 contracts driven primarily by short covering. The net long position stood at 92,909 contracts as of Tuesday. Meanwhile, export sales data released Thursday indicated total corn commitments at 86.613 million metric tons, representing 103 percent of the U.S. Department of Agriculture export projection and exceeding the 101 percent average from the previous three years. New crop sales accumulated to 7.56 million metric tons, running 12.5 percent ahead of the same period last year.
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