On June 30, according to media reports, the Chicago Board of Trade (CBOT) corn futures market closed lower for the third consecutive trading day on Thursday, with the benchmark period closing down about 1.60%, close to a three-week low.
Trading volume in the corn market was reduced on the day as traders awaited a major report from the USDA.
Traders adjusted their positions only slightly on the day, unwilling to take any big risks ahead of the USDA report, one analyst said.
He added that quarterly stockpiles and planting data will influence price action early Saturday and into Monday, but after that the focus will return to Midwest precipitation.
Traders and analysts speculated that the July corn futures contract was light for delivery because the cash market was relatively firm.
