Sunday night market action was weaker, with futures here on Monday morning down 2 to 3 cents Corn futures closed ½ to 3 ¼ cents higher on Friday, except that in delivery May was down a nickel. July futures ended the week with a 10 ¼ cent gain in value, as December was 9 ¼ cents higher.
Some precip is expected to make its way across the US over the next week, possibly slowing the so far (through last Sunday at least) rapid planting pace. There was likely some planting that got done this week in portions of the Eastern Corn Belt, with parts of the WCB receiving decent rainfall totals.
There were 0 contracts delivered against May corn over the weekend, with the oldest long now dated 4/25/24.
The weekly Commitment of Traders report indicated the large spec funds in corn futures and options trimming 20,506 contracts from their net short position in the week that ended on April 30, taking it to a net short of 218,040 contracts. Commercial held a net short position of 55,445 contracts, adding another 13,273 contracts in that week as producer selling picked up.
May 24 Corn closed at $4.47, down 5 cents, currently down 2 cents
Nearby Cash was $4.38 7/8, up 0 cent,
Jul 24 Corn closed at $4.60 1/4, up 1/2 cent, currently down 2 1/4 cents
Dec 24 Corn closed at $4.82 3/4, up 3 1/4 cents, currently down 2 3/4 cents
New Crop Cash was $4.46 5/8, up 2 1/8 cents,
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