As of July 3, CBOT December corn futures had plunged nearly 22% off their June 21 high as much-needed rain for U.S. crops started falling and also appeared in forecasts.
December corn fell 12% in the four-day week ended July 3, and money managers flipped to a net short in CBOT corn futures and options of 18,209 contracts.
Managed money net position in CBOT corn futures and optionsU.S. soybean plantings on June 30 came in well below all trade guesses, causing a surge in November soybeans .
CBOT wheat rose more than 1% over the last three sessions on a slower U.S. winter harvest and possible drought concerns for U.S. and Canadian spring wheat.
However, open interest in CBOT wheat futures and options is at the lowest mid-year levels since 2005.
Persons:
soyoil, Karen Braun, Leslie Adler
Organizations:
U.S . Department of Agriculture, USDA, Reuters, Thomson
Locations:
NAPERVILLE , Illinois, Chicago, Minnesota, Iowa , Wisconsin, North Dakota, U.S