Corn Prices Decline Amid Profit-Taking and Weak Fundamentals

The corn futures market saw a decline in prices due to profit-taking and weak long liquidation. December corn lost 8 3/4 cents to $4.71 3/4, nearing its daily low. The bulls are losing steam as the price uptrend on the daily chart is now in jeopardy.

The market was also influenced by solid losses in the soy complex futures. European crops will continue to face stress this week due to low soil moisture in France and the southern UK. However, World Weather Inc. predicts two more weeks of favorable conditions for crops across much of the Midwest, leaving yield potential high.

Corn traders are awaiting Thursday morning's weekly USDA export sales report, which is expected to show U.S. corn sales of 500,000 to 1.6 million MT in all marketing years. The technical analysis suggests that corn market bulls have the overall near-term technical advantage but are fading fast.