Corn futures are fractionally to 3 cents in the red so far on Monday. The front month CmdtyView national average Cash Corn price was down 3 1/2 cents at $4.16 1/4. 

A wet forecast continues to keep some ammo in the bears corner. The 7-day QPF from NOAA shows widespread rains from the Plains (excluding much of the Dakotas) through the Eastern Corn Belt. Totals range from 1 to upwards of 4 inches.

USDA’s Export Inspections report indicated a total of 1.576 (60.05 mbu) of corn shipped in the week that ended on 5/29. That was up 11.26% from the previous week and 11.03 above the same week in 2024. Mexico was the largest destination of 415,593 MT, with 388,008 MT headed to Japan, and 263,768 MT to South Korea. Marketing year shipments have totaled 48.58 MMT (1.913 bbu) with since September 1 in the MY, which is up 28.54% compared to the same week last year.

Friday afternoon’s Commitment of Traders report from CFTC showed the managed money net short position in corn futures and options backing off by 2,450 contracts to 100,760 contracts as of May 27^th. The commercial net short position was cut by 22,231 contracts to 150,061 contracts as of Tuesday.

AgRural released updated Brazilian estimates this morning, raising their corn projection by 3.7 MMT to 128.5 MMT. They also estimated the second crop corn at 1.3% planted in the center-south region.

Jul 25 Corn is at $4.41, down 3 cents,

Nearby Cash is at $4.16 1/4, down 3 1/2 cents,

Sep 25 Corn is at $4.22 1/2, down 3/4 cent,

Dec 25 Corn is at $4.37 3/4, down 3/4 cent,

New Crop Cash is at $3.94 3/4, down 1 cents,