Corn prices are up 3 to 4 cents to begin the new week, with spillover support from double digit strength in wheat. Futures closed out the Friday session with losses across the board, as contracts were down 2 to 5 ¼ cents. Preliminary open interest dropped 2,520 contracts on some long liquidation and a little net new selling for the December and later contracts. On the week, July was down 17 ¼ cents, with December losing 15 ½ cents.
Weekend weather was drier in places, but the next 5 days will be quite wet for much of NE, eastern SD, MN and NW Iowa. The 18-day planting progress ideas for this afternoon’s NASS report are in 57-60% range.
The Friday afternoon Commitment of Traders report showed spec funds in corn futures and options trimming another 31,342 contracts from their net short position in the week that ended on May 14. They held a net short of just 71,171 contracts on Tuesday, the smallest since last August. The total number of spec longs grew to 218,607 contracts, the largest in 13 months. Commercials were adding shorts in that week with the net short position up 17,982 contracts to 180,617 as of Tuesday.
Argentine corn harvest is estimated to be 25% complete, with the BAGE insisting corn production is only 46.5 MMT vs. USDA at 53 MMT.
Jul 24 Corn closed at $4.52 1/2, down 4 1/2 cents, currently up 3 1/4 cents
Nearby Cash was $4.28 1/2, down 4 1/2 cents,
Sep 24 Corn closed at $4.62 1/2, down 5 1/4 cents, currently up 3 1/2 cents
Dec 24 Corn closed at $4.76 1/2, down 5 1/4 cents, currently up 4 cents
New Crop Cash was $4.38 1/4, down 5 1/2 cents,
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