Corn futures experienced a decline heading into the weekend, with July contracts dropping 29 ½ cents to close at $4.17 ½. This marks a total decrease of 45 cents over two weeks. Contributing factors included a wetter forecast, slow developments regarding Chinese demand, and declining export offers as Argentine and Brazilian crops are set to enter the market. The national average Cash Corn price fell by 6 ¾ cents to $3.83 ¼.
According to the CFTC’s Commitment of Traders report, managed money held a net long position of 115,082 contracts as of June 2, a decrease of 90,422 contracts in one week, primarily due to long positions being liquidated. U.S. corn export commitments rose by 26% year-over-year to 81.766 million metric tons, nearing 98% of the USDA’s export projection.
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