Corn Prices Slide as Traders Await US-China Trade Details

Corn prices began Monday's session on a weak note, slipping by 3 to 4.5 cents as traders awaited further details on the recent US-China trade developments.

Last week's meeting between the two nations saw China drop tariffs on several US goods, including corn, which had previously been subject to a tariff. The move is seen as a positive sign for US agricultural exports, but its impact on corn prices remains uncertain.

Meanwhile, commitment of traders data from the CFTC revealed that managed money trimmed back 12,405 contracts from their net long position in corn futures and options, now standing at 414,437 contracts. This suggests a reduction in bullish sentiment among market participants.

In other news, Brazil's first corn crop is estimated to be 34% planted as of Thursday, ahead of last year's pace of 32%. Heavy rainfall is forecasted for the next week, with up to 4 inches expected in certain regions.