December 2016 corn futures moved $0.80 per bushel higher from April 1 to June 17. The strength reflected a short fall in the size of the Brazilian corn crop and resulting large export sales of U.S corn, expectations that planted acreage of corn in the U.S. would be less than intentions reported in March, above normal temperatures in the U.S. in June, and concerns that hot, dry weather in July would reduce yield potential.
The price of that contract has since declined by $0.95 and is currently trading at contract lows. The price decline reflects a change to more favorable weather conditions in the U.S. and forecasts for less stressful weather in July. Additional price weakness followed last week's USDA reports that showed larger than expected June 1 stocks of U.S. corn and a larger than expected estimate of planted acreage of corn