Corn price action is down 2 to 3 cents in most contracts on Monday morning trade. Futures saw continued long liquidation heading onto the weekend, with contacts down another 2 ¼ to 7 cents. July was down 29 ½ cents on the week(-45 cents in 2 weeks), with December falling 29 cents. Open interest suggested net new selling, up 9,025 contracts on Friday, despite the Goldman Roll starting with July down 31,039 contracts and September up 7,685 contracts. The CmdtyView national average Cash Corn price was down 6 3/4 cents at $3.83 1/4.
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)
