Corn Starting Off June with Steady Trade

Corn price action is firm to fractionally higher so far on Monday morning. Futures posted 2 to 9 cent losses across the board on Friday with money coming out at month-end. July fell 16 ½ cents last week. Open interest was up 4,456 contracts, with 11,644 contracts exiting July. The CmdtyView national average Cash Corn price was down 9 1/2 cents to $4.07 ½.

USDA Export Sales data from Friday showed 1.015 MMT of corn sold for 2025/26 in the week of May 21. That was down 52.2% from last week but still 10.8% above the same week last year. Mexico was the top buyer of 435,900 MT, with 251,500 MT sold to Colombia and 118,300 MT to Japan. New crop business was tallied at a marketing year high of 618,594 MT. the bulk of that was to Mexico at 249,900 MT and unknown destinations at 197,500 MT. Accumulated new crop business is now 2.953 MMT, down just 1.6% from the same period last year. 

CFTC data from Friday afternoon showed managed money slashing 87,850 contracts from their net long position in corn futures & options in the week that ended on May 26. That took the net long to 205,504 contracts as of Tuesday.

Jul 26 Corn  closed at $4.46 3/4, down 9 cents, currently up 1/4 cent

Nearby Cash  was $4.07 1/2, down 9 1/2 cents,

Sep 26 Corn  closed at $4.55 3/4, down 8 1/2 cents, currently unch

Dec 26 Corn  closed at $4.75, down 7 1/4 cents, currently unch

New Crop Cash  was $4.26 3/4, down 8 3/4 cents,