Corn futures decline on weather, crude oil

Maize futures fell sharply on Monday, with front-month contracts down 12.5 to 13.5 cents, pressured by an improving weather forecast and a decline in crude oil prices. The CmdtyView national average cash corn price dropped 12.5 cents to $4.2125 per bushel. The USDA's Crop Progress report showed 78% of the US corn crop silking by July 26, ahead of the five-year average, but condition ratings fell 4% to 63% good-to-excellent. Export shipments for the week ending July 23 totaled 1.488 million metric tons, down from the prior week and year-ago levels. The NOAA forecasted 1-2 inches of rain over key corn-growing states. Brazil's second corn crop was 60% harvested, lagging the 68% average. CFTC data showed managed money increased net long positions in corn futures and options by 49,518 contracts to 92,909 contracts as of July 21.