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Corn futures settled as much as 4 cents lower in the nearby contracts, with back months fractionally lower. The NWS 8-14 day forecast shows a couple days of drier weather in the Corn Belt following the deluge this weekend. Managed money added another 24,448 contracts to their net short position in the week ending Tuesday April 25. Their reported net position was short 196,257 contracts in corn futures and options, the most bearish in more than a year. The Ag Minister in Brazil, a major importer of US ethanol, is pushing to implement tariffs on the product despite a shortage of domestic ethanol production caused by higher sugar prices.
May 17 Corn settled at $3.58, down 4 cents,
Jul 17 Corn settled at $3.66 1/2, down 2 3/4 cents,