Corn futures started off with strength out of the Monday night open, but are fading lower on Tuesday. Midday action has prices down 4 to 5 cents so far.
Export Inspections data showed 1.077 MMT (42.41 mbu) of corn exports in the week that ended on May 23. That was a drop of 12.14% from the previous week and 19.98% lower than the same week last year. The top destination of all shipments was Mexico, receiving 416,820 MT, with 271,808 MT headed to Japan. Year to date exports have totaled 36.304 MMT (1.429 bbu), which is a 26.38% increase over the same period last year.
Commitment of Traders data showed managed money adding back 49,991 contracts to their net short in corn futures and options in the week of May 21. That took their short position back up to 121,162 contracts as of Tuesday. Commercials trimmed their net short position by 33,932 contracts by that date to 146,685 contracts.
Jul 24 Corn is at $4.60 1/4, down 4 1/2 cents,
Nearby Cash is at $4.39 5/8, down 4 3/8 cents,
Sep 24 Corn is at $4.70 1/4, down 4 1/4 cents,
Dec 24 Corn is at $4.83 3/4, down 4 1/2 cents,
New Crop Cash is at $4.47 3/4, down 4 3/8 cents,
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