Corn is trading with losses of 4 to 5 cents early on Monday morning. Futures slipped into the Friday close, with contracts steady to 1 ¾ cents higher on the day. July was down 4 ¾ cents last week, with December down 5 ¾ cents. Open interest was up 6,185 contracts on Friday. The CmdtyView national average Cash Corn price was up 1 1/4 cents at $3.81. Crude oil is down $4.65 this morning and adding pressure after the US and Iran have reportedly come to a peace deal over the weekend.
The weekly CFTC Commitment of Traders report showed the largest 2 week (Tuesday/Tuesday) shift to the short side in the history of managed money in corn futures and option since the inception of the report in 2006 of 210,829 contracts. A total of 120,407 contracts were in the last week as of 6/9, with specs now net short 5,325 contracts. Of the shift, 92,863 contracts were new shorts, with longs only seeing 27,544 contracts of liquidation.
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