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Corn futures lower Wednesday on rain threat
Although chances for rain are slight, traders in Chicago are taking a cautious attitude on prices.
John Hawkins
Published: Jul 18, 2012
Corn futures are trading lower Wednesday morning, pressured by profit-taking and rainfall expected in parched growing areas.
Some traders are taking profits after sharp gains in corn futures in recent weeks, analysts said. September corn is up 52% since mid-June.
Traders are also taking a cautious attitude as rain is forecast in the Corn Belt this week. From Wednesday to Friday, rains are expected to move eastward from Iowa to Ohio, passing over Illinois and Indiana.
The rainfall could be scattered and won't be enough to end drought worries, analysts said, but traders are being cautious until they see the actual results of the rainfall.
Pop-up thunderstorms dumped over an inch of rain in isolated locations across east central Illinois Tuesday afternoon, but other storms barely settled the dust at other locations.
The longer-term forecasts calls for continued hot, dry weather across Illinois next week.
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