The corn market is trading with 2 to 3 cent losses early on Friday morning. Futures posted losses across most contracts on Thursday, with contracts down 2 to 4 cents across most months. Preliminary open interest was down 6,100 contracts on Thursday. The CmdtyView national average Cash Corn price was down 3 1/2 cents to $3.91.
With just 1 day remaining in the harvest price discovery for crop insurance, December corn has an average close at $4.22 during October. That is up 6 cents from last year and down 48 cents from the spring price.
Ukraine corn exports totaled just 0.8 MMT in October, which was a large drop from the 1.73 MMT last year according to economic minister.
Following the meeting between President Trump and President Xi of China on Wednesday, President Trump posted that China is set to purchase massive amounts of sorghum, though no specifics were given on total. Corn was not mentioned, though tariffs are expected to be lifted.
Dec 25 Corn closed at $4.30 1/4, down 3 3/4 cents, currently down 2 1/2 cents
Nearby Cash was $3.91, down 3 1/2 cents,
Mar 26 Corn closed at $4.43 3/4, down 3 cents, currently down 2 3/4 cents
May 26 Corn closed at $4.52 1/4, down 2 3/4 cents, currently down 3 1/4 cents
