Corn futures are experiencing a decline of 7 to 8 cents in early trading on Monday. As of last Friday, July futures closed at $4.12 ¾, down 2 cents, while December futures closed at $4.41 ½, down 1 ½ cents. The CmdtyView national average cash corn price is currently $3.85 ¼, down 1 ¾ cents. Managed money increased their net short position in corn futures and options by 23,264 contracts for the week ending June 23.
The updated 7-day Quantitative Precipitation Forecast (QPF) from NOAA indicates 1 to 3 inches of rain is expected primarily in the eastern half of the Dakotas, Minnesota, and parts of Iowa and Wisconsin. Conversely, southeastern Iowa, Missouri, and the Eastern Corn Belt are projected to remain dry. Additionally, Brazil’s second corn crop is estimated to be 22% harvested, according to AgRural.
Acreage data will be updated on Tuesday by NASS, with traders anticipating 95.1 million corn acres based on a Bloomberg survey.
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