Corn prices fell slightly at the end of the week. Futures ended Friday with losses. September on the CBoT lost 2.25 US cents to 399.50 US cents/bushel.
The reason for the weaker price trend was persistently wet weather forecasts, especially for the eastern Corn Belt, where widespread 25 to 50 mm of rain is expected in the coming week.
US export data paints a mixed picture: total export commitments are above the USDA target for the current year at 70.11 million tons, but actual exports are slightly below average at 60.17 million tons. Although new export sales were reported - 102,870 tons to Mexico and 140,000 tons to South Korea, both for later delivery dates - they were not enough to support prices.
News also came from Argentina. The 20% reduction in the export tax on selected agricultural products, including maize, is intended to boost Argentine production.
On Euronext, the price for November delivery fell by €2.75 to €194.50 per tonne.
