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Corn futures experienced a rebound on Friday, with contract prices closing up 1 to 3 cents. The July contract decreased by 1.5 cents over the week, while the December contract rose by 10.75 cents. The national average cash corn price increased by 3.25 cents to $4.18 1/4.
As of the latest Commitment of Traders report from the CFTC, speculative positions in corn futures and options saw a net short increase of 53,283 contracts, totaling 154,043 contracts as of June 3rd. Commercials reduced their net short position by 47,609 contracts, now at 102,452 contracts.
Weekly export sales data indicates corn commitments at 65.138 MMT, representing 99% of the USDA projection, with actual shipments at 49.85 MMT. Additionally, 43.8% of Argentina’s corn crop has been harvested, with production forecasts at 49 MMT.
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