The corn market is coming out of a 3-week weekend with contracts up 1 to 4 cents on Monday morning. Futures failed to hold the slight midday gains into the close on Thursday, with losses of fractionally to 2 cents. May was back down 8 cents last week, as December was up 2 ½ cents. Thursday’s preliminary open interest was up 8,749 contracts, with 13,923 exiting the May, with July-December OI up 22,326. The front month CmdtyView national average Cash Corn price was down 1 ¾ cents at $4.55 1/2. 

Friday’s CFTC data showed spec funds in corn futures and options adding back 70,997 contracts to their net long position as of April 15, taking their net long to just back to 124,573 contracts.

Export Sales data released last Thursday, showed 1.562 MMT in the week ending on 4/10. That took the total commitments for exports to 56.581 MMT, which is now 87% of the USDA forecast, and behind the 91% average sales pace.

This month’s update to the International Grains Council report showed world corn production for 2024/25 up 2 MMT from last month, as consumption was raised by 1 MMT. That caused stocks to be up 1 MMT to 276 MMT. For the 2025/26 crop, output was up 5 MMT and consumption increased by 6 MMT. The stocks projection for new crop was up 1 to 281 MMT.

May 25 Corn  closed at $4.82 1/4, down 2 cents, currently up 3 3/4 cents

Nearby Cash  was $4.55 1/2, down 1 3/4 cents,

Jul 25 Corn  closed at $4.90 1/4, down 1 1/2 cents, currently up 4 cents

Dec 25 Corn  closed at $4.66, down 3/4 cent, currently up 1 3/4 cents

New Crop Cash  was $4.30 3/8, down 1/4 cent,