Corn prices have stabilized as of this morning, but the JUL18 contract has recently traded from a high just above $4.12 per bushel, set back on May 24th, to a low set yesterday at $3.38^6.
The new-crop DEC18 contract touched $4.29^4, also on May 24th, and has since fallen to a yesterday's fresh new low of $3.60 per bushel. The only bright spot is the fact we rallied back some +15 cents off the lows. There's some talk that the U.S. government could step in and make some concessions to U.S. farmers and buy U.S. supply.
Again this is only rumor and talk, as the bulls are clearly grasping at straws. Not only have negative trade headlines weighed heavily on the trade, but the recent weather improvements are also adding heavy pressure. The hot and dry conditions that many producers have been experiencing are now becoming cooler with much more widespread precipitation.
Currently there's just not a lot of nearby reasons to step in as a big bull in the market, especially if you think trade headlines could become more negative nearby. This is a crazy bet... Who's going to flinch first seems to be the question?