CBOT corn up as crop conditions slip

On June 7, according to media reports, the CBOT corn futures market closed up, and the benchmark period closed about 1.70% higher, because the good-quality rate of US corn fell and shorts were covered.

Analysts said the corn growing season has just begun, but traders will remain on high alert for weather changes in the Midwest, and speculative funds have built up huge short positions in the corn futures and options markets.

Before the release of the USDA supply and demand report for June, quite a few shorts chose to cover.

Crop expert Dr. Michael Cordogne cut this year’s U.S. corn yield by 1 bushel to 179 bushels per acre, with production forecast at 14.94 billion bushels.