May Corn finished down 5 1/4 at 364, 5 3/4 off the high and 1 3/4 up from the low. July Corn closed down 5 1/4 at 372 1/4. This was 2 up from the low and 6 off the high.
July corn has given back some of yesterday’s gains with active producer selling of old crop corn on the recent rally. The market has traded inside of yesterday’s wide range but is down almost 1.55% on the day. The open interest in corn went down 13,220 contracts on Monday with short covering on the rally. The market will keep a close eye on the weather forecast as more heavy rains look to move into the southern Missouri, southern Illinois and Indiana areas from Wednesday through Friday before drier weather moves in to the Midwest by the weekend. With the heavy rains over the weekend and Illinois and Indiana planting progress at 63% and 45% respectively, some replanting will need to be done in those states. In addition, there is potential for producers to go for the prevent plant option. With corn acres already down 4.0 million acres from last year at 90.0 million, any further reduction certainly would tighten the balance sheet. The longer term 8-14 day forecast continues a colder temperature pattern which will slow plant development, soil temperatures are already well below normal readings.