CBOT corn ends lower on long liquidation ahead of the weekend

Chicago Board of Trade corn futures declined on Friday and the benchmark December contract CZ26 hit a one-week low on profit-taking and long liquidation ahead of a US harvest weekend, traders said.

• Declines in crude oil CLc1 added pressure. Corn sometimes follows crude oil due to its role as a feedstock for ethanol. O/R
• CBOT December corn CZ26 ended down 3 cents, or 0.6%, at $5.27-1/2 per bushel after hitting a one-week low at $5.25-1/2.
• For the week, the December contract fell 2-3/4 cents, or 0.5%, its second weekly decline after reaching $5.46-3/4 on September 2, the highest on a continuous chart of the most-active corn contract Cv1 since July 2023.
• Weather forecasts projected an easing in rainfall next week in parts of the U.S. Midwest, tempering worries about corn and soy harvest delays.
• Market players await next week's meeting between presidents Donald Trump and Xi Jinping, in which Chinese purchases of soybeans and other US agricultural goods will be among trade issues in focus.
• After the close of the CBOT on Friday, weekly commitments data from the US Commodity Futures Trading Commission showed that managed commodity funds slightly increased their massive net long position in CBOT corn futures in the week to September 15.