Corn Futures Drop 13-17 Cents Due to Increased Tariffs on South Korea and Japan

Corn futures dropped 13-17 cents with a national average cash price of $3.89 due to increased tariffs on South Korea and Japan. A private sale of 135,000 MT was reported. Crop progress showed 18% silking and 3% in dough stage, with 74% good/excellent condition. US corn export shipments totaled 1.491 MMT, up nearly 8% from last week. CFTC data revealed a growing net short position in corn futures and options. Jul 25 Corn closed at $4.18, Nearby Cash was $3.89, Sep 25 Corn closed at $4.03 1/2, Dec 25 Corn closed at $4.20 3/4, New Crop Cash was $3.79 5/8.

Read more at Yahoo Finance: Corn Falls on Monday as Some Tariffs Get an Increase