The corn market was under pressure in sympathy with beans and other external pressures on Friday. Contracts closed down 4 to 5 ¼ cents, with December down 6 cents this week. CmdtyView’s national average cash corn price fell five cents to $3.71 3/4.
The average close for December futures so far this month has been $4.19. The full monthly average price is used to determine the harvest price for crop insurance.
Contagion pressure was seen by heavy losses in soybean futures following a release from President Trump and threats to increase tariffs, which were announced on November 2 after the shutdown. External pressure from losses of $3.31 in crude oil also weighed on the market.
Harvesting should continue into next week and very little precipitation is expected across most of the United States.
The Buenos Aires Grain Exchange estimates the Argentine corn harvest at 26% of what was planted.
On December 25, corn closed at $4.13, down 5 1/4 cents.
Nearby cash was at $3.71 3/4, down 5 cents.
March 26 Corn closed at $4.29, down 5 cents.
On May 26, corn closed at $4.38, down 4 3/4 cents.
As of the date of publication, Austin Schroeder had no (directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. This article was originally published on Barchart.com