Corn futures are trading with sharp losses on Monday, pressured by weakness in wheat and wet forecasts. The front month CmdtyView national average Cash Corn price is down 5 1/2 at $4.13 1/2.

Weekly Export Inspections data tallied corn shipments at just 1.656 MT (65.22 mbu) in the week that ended on June 5. That was back up 0.9% from the week prior and 23.55% above the same week last year. Mexico was the largest destination of 469120 MT, with 287,774 MT headed to Taiwan and 200,434 MT to Sout Korea. Marketing year shipments are now 50.302 MMT (1.98 bbu), an increase of 28.54% from the same week last year.

Rains are expected in parts of eastern SD, MN, and northern IA in the next week, along with the southern portion of the Corn Belt. The trade is looking for corn ratings to improve to 70% good/excellent this afternoon.

The Friday afternoon Commitment of Traders report from CFTC showed speculators in corn futures and options adding another 53,283 contracts to their net short position. As of June 3rd, that net short stood at 154,043 contracts. Commercials slashed another 47,609 contracts from their net short, taking it to 102,452 contracts as of Tuesday.

AgRural estimates the Brazilian second corn crop at 1.9% harvested as of Sunday in the center-south region. Ukraine’s APK-Inform reduced their corn production forecast by 2.1 MMT to 24.9 MMT. 

Jul 25 Corn is at $4.36 3/4, down 5 3/4 cents,

Nearby Cash is at $4.13 1/2, down 5 1/2 cents,

Sep 25 Corn is at $4.23 1/4, down 10 cents,

Dec 25 Corn is at $4.39, down 10 1/4 cents,

New Crop Cash is at $3.95 1/2, down 10 1/4 cents,