US MIDDAY: corn lower

Chicago Board of Trade corn futures turned weak mid-morning Thursday, pressured by wetter weather outlooks and a private group forecast that US farmers planted more corn this spring than USDA is projecting, traders said.
July corn was down 2 cents at $2.35 per bushel, with the deferreds down 2-1/4 cents to up 1-1/4 by 11:40 am CDT (1640 GMT). Speculators also hold a large net long position in CBOT corn futures making it vulnerable to long liquidation, traders said.
Funds were noted sellers of corn; Man Financial and Fortis each sold 1,000-1,200 July, traders said. Firms continued to roll July positions, adding to the day's volume.