Excellent weather conditions and squaring of long positions to weigh on US corn price

The weather conditions in the key corn-growing areas of the US Midwest have improved considerably of late following the excessive rainfall earlier in the summer. 

At the same time, short-term-oriented market participants, who had been building up net long positions again last reporting week despite the fact that prices were already falling, now appear to be closing their positions in grand style. 

Both of these factors are weighing heavily on the corn price in Chicago, which plunged by 5% yesterday alone. Losses since mid-July now amount to 13%, says Commerzbank.