Corn prices are starting off June with slight 1 to 2 cent gains on Monday morning. Corn futures closed out the Friday session with contracts 2 to 6 cents lower. Preliminary open interest showed net new selling, up 18,916 contracts. July was down just ½ cent over the entire month, while December was down 2 ½ cents. The monthly continuation chart shows a higher monthly close, however, up 5 cents vs. April 30. That’s three months in a row with higher closes.
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 that week since 2019. Mexico was the top buyer of 382,500 MT, with another 165,000 MT sold to Spain. New crop business was within expectations 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 were adding another 12,315 contracts to their net short in corn futures and options in the rally week ending May 28. That took their net short position to 133,477 contracts as of last Tuesday.
Jul 24 Corn closed at $4.46 1/4, down 2 1/2 cents, currently up 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, currently up 1 3/4 cents
Dec 24 Corn closed at $4.67, down 4 cents, currently up 2 cents
New Crop Cash was $4.32 1/1, down 2 5/8 cents,
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