On Monday morning, corn prices decreased by 2 to 3 cents across most contracts. Futures trading saw continued long liquidation, with contracts down 2 ¼ to 7 cents. July futures closed down 29 ½ cents for the week, and December futures fell 29 cents. The CmdtyView national average cash corn price dropped by 6 ¾ cents, settling at $3.83 ¼.
As of June 2, managed money reported a net long of 115,082 contracts, a significant reduction of 90,422 contracts from the previous week. Meanwhile, U.S. corn export commitments reached 81.766 million metric tons (MMT), reflecting a 26% increase year-over-year and constituting 98% of the USDA export projection. Shipments accounted for 62.58 MMT, meeting 75% of USDA estimates.
According to AgRural, Brazil’s second crop corn harvest is currently 4.4% complete, with the estimated yield at 108.2 MMT, reduced by 0.9 MMT from prior estimates.
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