Corn Prices Slide on Friday Morning Amid Rainfall and Short Positions

Corn futures are trading lower on Friday morning, with losses ranging from 2 to 3 cents. The front months were down by 2 to 3 ¼ cents, while the deferred contracts were fractionally higher.

The open interest suggests new short positions, having risen by 18,370 contracts. The national average Cash Corn price has also declined, falling by 2 ¾ cents to $4.16 1/4.

Rainfall in parts of the Midwest and Great Plains overnight may have contributed to the weakness in corn prices. Over the next seven days, the region is expected to receive 1 to 2 inches of rain, mainly in the first day or so.