Corn futures at the Chicago Board of Trade were weaker early Tuesday on a mild setback from Monday's rally as some concerns eased about Midwest crop weather next week, traders said. Speculators hold a huge net long position in the CBOT corn market, making it vulnerable to mild dips.
July corn was down 2 cents at $2.45-1/2 per bushel by 10:20 am CDT (1520 GMT). The deferreds were 2 to 3-1/2 cents weaker. With the start of the US growing season for corn and soybeans, weather was beginning to have more of an influence on CBOT prices compared to other commodity markets, traders said.