CBOT Corn Futures Fall 0.8% on Oil Decline, Midwest Rainfall Expected Through May 26

According to Jin10 Futures, CBOT corn futures closed lower on Thursday, with the benchmark contract down 0.8%, driven by declining crude oil prices and expectations of beneficial rainfall in the U.S. Midwest. The National Oceanic and Atmospheric Administration (NOAA) forecasts widespread precipitation of 1 to 2 inches or more across the region from Friday through Monday.

Strong export sales provided some support to prices. The U.S. stock market will close on Monday, May 25 for a national holiday, prompting speculative funds to adjust positions ahead of the long weekend to avoid exposure to geopolitical and weather-related uncertainties.