The price of corn turned lower on Friday and gave back a portion of its weekly rally. Traders awaited some key data on the schedule for next week.
Corn for May delivery fell to $3.87 per bushel, a drop of 3.75 cents for the session. Despite the drop, the grain added nearly 3% for the week.
At 3 p.m. ET on Monday The Department of Agriculture will release its monthly price index. The USDA will reveal its quarterly grain stocks report at 8:30 a.m. ET on Tuesday.
Earlier this week, corn sales were reported at approximately 1.3 million metric tons for the week ended March 19, including 1.2 million MT for the current marketing year. This is well-above the trade expectations of 600,000 to 900,000 MT.
In other agriculture trading, soybeans plunged 27 cents to $9.17 a bushel, wheat lost 7.2 cents to $5.072 a bushel and cotton fell 0.71 cent to 43.25 per pound.
Other commodities also saw weakness. Crude oil fell to $52.38, down $1.96 for the session. Prices touched as low as $51.64 after challenging $55 in recent days.
April gold ended the session at $923.20, down $16.70 for the session. Prices touched as low as $921.00 earlier in the day.
On the economic front, the Commerce Department reported personal spending rose 0.2 percent in February following an upwardly revised 1.0 percent increase in January. The modest increase in spending came in line with the expectations of economists.
At the same time, data showed personal income edged down 0.2 in February after a downwardly revised 0.2 percent increase in the previous month. Economists had been expecting a slightly more modest 0.1 percent decrease.
Later in the morning, the final reading of the Reuters/University of Michigan's consumer sentiment index for March showed a reading of 57.3. Economists had expected the index to come in at 56.8.
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