Corn futures closed out the Friday session with contracts 2 to 6 cents lower. July was down just ½ cent over the entire month, as December was down 2 ½ cents.
USDA’s Export Sales report showed 810,148 MT of corn booked in the week ending on May 23. That was an 11.1% drop from the week prior but still well above the same week last year and the largest for this week since 2019. Mexico was the top buyer of 382,500 MT, with another 165,000 MT sold to Spain. New crop business in the between the expected 0-400,000 MT range at 187,763 MT, mostly to Mexico (185,200 MT). Sorghum sales were tallied at 61,614 MT, the largest in the last 9 weeks.
Friday afternoon’s Commitment of Traders report indicated spec traders adding another 12,315 contracts to their net short in corn futures and options in the week of May 28. That took their net short position to 133,477 contracts as of Tuesday.
Jul 24 Corn closed at $4.46 1/4, down 2 1/2 cents,
Nearby Cash was $4.27 1/1, down 2 3/4 cents,
Sep 24 Corn closed at $4.54, down 3 3/4 cents,
Dec 24 Corn closed at $4.67, down 4 cents,
New Crop Cash was $4.32 1/1, down 2 5/8 cents,
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