Chicago Board of Trade corn futures slumped on Friday as rising tensions in the Middle East rattled markets. Traders took profits in grain markets following recent gains.
Most-active corn touched a two-week low after matching a 10-week high from Monday earlier in the session. Analysts said they expect the markets to soon shift their attention from a deadly US air strike on an Iranian commander in Iraq. They will instead refocus on an initial US-China trade deal and the release of US Department of Agriculture crop data next week, analysts said.
Traders continue to wait for details on the Phase 1 trade agreement Washington and Beijing struck last month and to expect increased Chinese demand for US farm goods. Weekly US corn export sales of 539,991 tonnes were within analysts' expectations.
Comments
Comments are closed for this article.