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,
