Corn prices fall back

Corn prices have been declining over the past week, with contracts down 5 to 8 1/4 cents on average, led by new crop months. This trend has been driven by a combination of factors, including a death spiral liquidation from recent weeks, weak crude oil prices, and a lack of bullish buying interest. The USDA's private export sales report and NASS Crop Progress data have not provided significant support to prices.

The bearish sentiment in the corn market has impacted ethanol producers and livestock farmers. Ethanol producers rely on corn as a primary feedstock, and lower corn prices reduce their production costs. Conversely, livestock farmers, who use corn as a feed, face lower margins due to higher feed costs. The decline in corn prices also affects grain merchants and traders, who may see reduced profits.

Investors should watch for the USDA's monthly World Agricultural Supply and Demand Estimates (WASDE) report on June 10, which could provide updated yield and production forecasts. Additionally, the progress of the US corn crop, as reported weekly by NASS, will continue to influence market sentiment. The next NASS Crop Progress report is scheduled for June 8. Any significant changes in these reports could drive further price movements in the corn market.