Corn futures trade lower as traders sell the fact on yield data and managed money funds reduce record net long exposure.
Corn prices showing slight weakness on Monday after Friday's losses driven by a lower yield number and managed money trimming record net longs.
Corn prices face intraday weakness as the market digests a lower US yield forecast of 178.5 bpa. Managed money funds have begun trimming record net long positions, contributing to recent selling pressure despite the NASS report aligning with trade expectations.
Prices are experiencing 'sell the fact' pressure where market participants are liquidating positions following the release of anticipated yield data and a reduction in managed money net long exposure.