Corn futures are experiencing slight gains on Monday, with contracts rising by up to 2 cents. The CmdtyView national average cash corn price increased by 2.25 cents to $3.83 1/4 per bushel. Weekly export inspections reported corn shipments of 1.636 million metric tons (MMT), down 18.73% from the previous week and 3.47% from the same week last year, with Mexico receiving the largest share of 440,116 MT.
The CFTC’s latest Commitment of Traders report indicates that managed money in corn futures and options experienced the largest short position shift in its history (210,829 contracts), resulting in net short positions of 5,325 contracts as of June 9. Additionally, Brazil’s AgRural reports that 8.4% of the country’s second corn crop has been harvested, surpassing last year’s pace of 5.2%.
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