Corn futures closed out the Friday session with losses across the board, as contracts were down 2 to 5 ¼ cents. On the week, July was down 17 ¼ cents, with December losing 15 ½ cents. 

Weekend weather looks drier, though planting conditions may still be less than ideal in some places. Once we get to Monday of next week, precip is expected across much of the Corn Belt.

The Friday afternoon Commitment of Traders report showed spec funds in corn futures and options trimming another 31,342 contracts from their net short position in the week that ended on May 14. They held a net short of just 71,171 contracts on Tuesday, the smallest since last August. The total number of spec longs grew to 218,607 contracts, the largest in 13 months. Commercials were adding shorts in that week with the net short position up 17,982 contracts to 180,617 as of Tuesday. 

Jul 24 Corn  closed at $4.52 1/2, down 4 1/2 cents,

Nearby Cash  was $4.28 1/2, down 4 1/2 cents,

Sep 24 Corn  closed at $4.62 1/2, down 5 1/4 cents,

Dec 24 Corn  closed at $4.76 1/2, down 5 1/4 cents,

New Crop Cash  was $4.38 1/4, down 5 1/2 cents,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.