December corn futures fell for a second day on Thursday as the market speculates that there may be an upward revision to US corn output next week.
 
Temperatures in the Midwest are forecast to cool following a recent heat wave. However, over the week, corn is up 2.91% and on the month 15.3% higher, making it one of the best-performing soft commodities. Corn rallied on the view that prolonged hot weather conditions in the US, the world’s biggest exporter of the commodity, would lead to a substantial drop in output.
 
But with weather conditions expected to return to normal, traders are beginning to pay more attention to the underlying state of the global economy, which, as I’m sure you already know, is appearing increasingly lacklustre at this juncture. The possibility of seeing a downward revision in global corn demand cannot be ruled out, and this is encouraging speculators to lock in profits. Looking ahead, corn futures could rebound if Friday’s non-farm payroll figures surprise to the upside.