![Maple Leafs Sign Elite Defenseman Darren Raddysh to Eight-Year Contract]](https://i2.wp.com/deweb-519a7.b-cdn.net/post-images/2113bbc5-c78b-45be-ac83-bc688b7363c9.jpeg?w=1024&resize=1024,1024&ssl=1 "Maple Leafs Sign Elite Defenseman Darren Raddysh to Eight-Year Contract]")
Corn futures faced continued downward pressure heading into the weekend as long liquidation persisted, with contracts dropping between 2 ¼ and 7 cents. July futures fell 29 ½ cents—marking a 45-cent decline over the past two weeks—while December futures dropped 29 cents. Market pressure was driven by a wetter weather forecast, a lack of significant news regarding Chinese demand, and weakening global FOB offers as harvest activity begins in Argentina and Brazil. Additionally, the CmdtyView national average cash corn price decreased by 6 ¾ cents to $3.83 ¼, while a $2.79 drop in crude oil prices added further downward momentum.
According to the CFTC’s Commitment of Traders report, managed money held a net long position of 115,082 contracts as of Tuesday, June 2. This represents a significant reduction of 90,422 contracts over the week, primarily driven by long positions exiting (-63,160) and a moderate increase in short positions (+27,262).
Weekly Export Sales data indicates that U.S. corn export commitments currently stand at 81.766 MMT, a 26% increase compared to the same period last year. This figure represents 98% of the USDA’s export projection and is slightly ahead of the average sales pace of 97%. Shipments, totaling 62.58 MMT, currently account for 75% of the USDA’s estimate, remaining consistent with the average pace.
Jul 26 Corn closed at $4.17 1/2, down 7 cents
Nearby Cash was $3.83 1/4, down 6 3/4 cents
Sep 26 Corn closed at $4.27, down 5 3/4 cents
Dec 26 Corn closed at $4.46, down 5 3/4 cents
New Crop Cash was $4.00, down 5 1/4 cents
