Chicago Board of Trade futures for July delivery are down 6 1/4 cents or 0.9% at $6.76 a bushel. December corn, associated with supplies to be harvested this fall, is down 7 1/2 cents, or 1.3%, at $5.63 a bushel.
Corn export sales were near the low end of weak expectations in a weekly government report Thursday morning. The U.S. Department of Agriculture reported net export sales of corn totaling 210,500 metric tons in the week through June 13, including 133,400 tons for delivery in the current marketing year that ends Aug. 31.
Analysts had expected total net sales of 200,000 tons to 450,000 tons.
Export demand for U.S. corn has been weak for months, largely because freshly harvested South American supplies have been selling for cheaper.
Corn is also down Thursday as speculative traders sell futures to exit earlier bullish positions. July corn on Wednesday had settled at a fresh, nearly three-month high, boosted by favorable technical signals. Through Wednesday's close, July corn had risen for four straight sessions.
Now, traders are booking profits after those gains, pushing prices back down.
Weather forecasts that appear favorable for corn crops overall are also pressuring corn. Shifts in forecasts overnight included greater rainfall in the eastern Corn Belt and less severe heat in parts of the Midwest.
The National Weather Service's six- to 10-day and eight- to 14-day outlooks still predict above-average temperatures across the Corn Belt. Its six- to 10-day outlook also predicts above-average chances of rain from Minnesota and Iowa to Ohio, with below-average chances in Nebraska and part of Missouri.
Corn is also down on unfavorable sentiment toward commodities overall in markets on Thursday. The dollar is sharply higher, while crude oil and equities are lower, resulting in some pressure on corn futures as well.
Markets are being rattled by fresh signs that the U.S. Federal Reserve is considering pulling back on efforts to support the U.S. economy.
