Corn price action is up 3 to 4 cents in the front months on Monday AM trade. Futures closed out the Friday session with contracts down 1 ¼ to 3 ¾ cents at the close. May settled Friday, with the weekly loss at 11 ¼ cents, as December fell 9 cents on the week. Open interest was up 5,369 contracts on Friday. The CmdtyView national average Cash Corn price was down 2 cents at $4.02 1/2.
Crude oil is back up $7.71 this morning, as risk is being put back in the market following the breakdown of US/Iran negotiations this weekend. The US is now expected to have their own blockade of the Strait of Hormuz starting this morning to try and cut off the flow of oil out of Iran.
