Corn futures saw continued long liquidation heading onto the weekend, with contacts down another 2 ¼ to 7 cents. July was down 29 ½ cents (-45 cents in 2 weeks), with December falling 29 cents. A wetter forecast, lack of news on China and weaker world FOB offers as the Argentina and Brazilian crops start to come online added pressure. The CmdtyView national average Cash Corn price was down 6 3/4 cents at $3.83 1/4. Crude oil losses of $2.79 added some modest pressure.
CFTC’s Commitment of Traders report showed managed money at a net long of 115,082 contracts on Tuesday, June 2 (20 cents ago). That was a reduction of 90,422 contracts on that week. Much of that was via longs exiting (-63,160), with shorts coming in moderation (+27,262 contracts)
