Corn prices dipped 1-2 cents on Monday due to wet weather forecasts. Futures closed 2-3 cents lower on Friday, with September down 9 cents for the week. Export commitments for corn are above USDA estimates, but exports are behind the average pace. President Milei of Argentina reduced export tax for corn.

CFTC data showed an increase in net short positions for managed money traders. The Brazilian second corn crop is only 68% harvested, compared to 91% last year. Prices for Sep 25 Corn closed at $3.99 1/2, down 2 1/4 cents, while nearby Cash was $3.84 1/1, down 3 cents.

As July ends and August begins, rain is expected across the Eastern Corn Belt. Preliminary open interest saw net new selling. The national average new crop Cash Corn price was $3.77. Mar 26 Corn closed at $4.36 1/2, down 1 3/4 cents. New Crop Cash was $3.77, down 2 1/4 cents.

Read more at Yahoo Finance: Corn Facing Pressure to Start New Week