The corn market is posting 2 to 6 cent losses on Monday morning trade. Corn futures closed out the Friday session in rebound, with the recent bear spreading seeing some slight unwinding. Contracts were up 1 to 3 cents at the final bell. July was down just 1 ½ cents last week, with December up 10 ¾ cents. Friday’s preliminary open interest was down 12,920 contracts, as July was down 32,843 contracts on the start of the Goldman roll. The front month CmdtyView national average Cash Corn price was up 3 1/4 at $4.18 1/4.

Rains are expected in parts of eastern SD, MN, and norther IA in the next week, along with the southern portion of the Eastern Corn Belt.

The Friday afternoon Commitment of Traders report from CFTC showed speculators in corn futures and options adding another 53,283 contracts to their net short position. As of June 3rd, that net short stood at 154,043 contracts. Commercials slashed another 47,609 contracts from their net short, taking it to 102,452 contracts as of Tuesday.

Export Sales data has corn export commitments at 65.138 MMT. That is now 99% of the USDA projection, slightly ahead of the 5-year average. Actual shipments per the FAS data are 49.85 MMT, which is on pace with the 5-year average at 75% of USDA’s estimate.

Ukraine’s APK-Inform reduced their corn production forecast by 2.1 MMT to 24.9 MMT. 

Jul 25 Corn  closed at $4.42 1/2, up 3 cents, currently down 2 cents

Nearby Cash  was $4.18 1/4, up 3 1/4 cents,

Sep 25 Corn  closed at $4.33 1/4, up 1 3/4 cents, currently down 4 3/4 cents

Dec 25 Corn  closed at $4.49 1/4, up 1 cent, currently down 5 3/4 cents

New Crop Cash  was $4.06 1/2, up 1 1/2 cents,