Corn Futures Tumble Amid Improved Weather and Crude Oil Decline

Corn futures are experiencing losses on Monday due to a combination of factors. The improving weather forecast is one reason, as it reduces concerns about crop yields. Another factor is the decline in crude oil prices, which has caused corn contracts to drop by 13 to 15 cents across most front months.

The USDA's FGIS reported that corn export shipments were down 7.74% from the previous week and 2.88% below the same period last year. The top destinations for corn exports during this time frame were Mexico, Japan, and Colombia. Marketing year exports for 2025/26 are now 24.81% above the same period last year.

The NOAA's 7-day QPF forecast shows that the Corn Belt will receive between 1 to 2 inches of precipitation over the next week, while the Dakotas and Minnesota will see less than 0.5 inch. The Brazilian second corn crop is lagging behind the average harvest rate in the center south region.

The CFTC data released on Friday showed that managed money added to their net long position in corn futures and options, adding 49,518 contracts mainly through short covering. This brings the net long position to 92,909 contracts as of Tuesday.