Corn price action is falling 12 to 14 cents early on Monday morning, pressured by an improving weather forecast and $6.07 losses in the crude oil. Futures were weak early on, but pulled more than 8 cents off the lows in the front months to close fractionally mixed. Open interest was down 10,536 contracts, mainly in the September (-19,494). Some deferreds were down as much as 1 ¼. September was still up 19 ½ cents on the week, with December 20 cents higher. The CmdtyView national average Cash Corn price was up 1/4 cent at $4.34.
The NOAA 7-day QPF shows 1 to 2 inches across much of the Corn Belt from NE across much of IA, MO, IL, and IN over in the next week. The Dakotas and MN are seen with less than 0.5 inch, and spotty totals up to an inch.
