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Corn futures closed 2 3/4 to 3 1/2 cents lower, with Dec16 corn hitting its lowest price since May 11 at one point during the session. That contract was down 53 1/4 cents (nearly a 14% drop) on the week. UK Prime Minister David Cameron announced his resignation after Britain voted to leave the EU, and the market reaction was bearish for nearly all commodities and stocks as the USD rallied. The CFTC report after the close showed managed money reduced their net long position during the week ending June 21 to 224,827 contracts.The Buenos Aires Grain Exchange increased its 2015/16 Argentinean corn production figure by 3 MMT to 28 MMT (USDA: 27 MMT). The group states that harvest is 38% completed. According to a Bloomberg survey, planted corn acreage is estimated on average to be 92.8 million acres, versus the March USDA figure of 93.6 million acres.
Jul 16 Corn settled at $3.84 1/2, down 2 3/4 cents,
Sep 16 Corn settled at $3.89, down 3 1/2 cents,
Dec 16 Corn settled at $3.94 1/4, down 3 1/2 cents
Mar 17 Corn settled at $4.01 3/4, down 3 1/2 cents