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.