Corn prices shed over one percent

Soybean futures fell over one percent to two-month low even as the dollar index declined, following earlier data from the US, the world's largest corn producer and exporter. 

As of 08:08 GMT, corn futures due on September 15 fell 1.42% to $3.6550 from the opening of $3.7075, while the dollar index fell 0.35% to 97.25 from the opening of 97.59.

The US Department of Agriculture downgraded its classifications for corn harvest in 2017 by 100 basis points to 67% as good or excellent, from 68% last week, and compared to five-year average of 75% in this time of the year, leading investment funds to shorten their positions on corn prices. 

Grain fund managers cut their net long positions by 120.83 thousand contracts to just 17.93 thousand contracts in the week ending June 13, while short positions surged to 109.3 thousand, slightly lower than the record 119.3 thousand registered on June 30, 2015.