Corn Closes the Week on a Lower Note, as Specs Flip Bearish

By Austin Schroeder

Corn futures closed out the Friday session on a weaker note, with contracts down 3 to 5 cents. July slipped back 6 ¼ cents on the week, with December falling in unison and down 6 ½ cents.   The front month CmdtyView national average Cash Corn price was down 4 1/2 cents at $4.15 ½.

The Friday afternoon Commitment of Traders report from CFTC showed the managed money spec funds flipping from a net long to a new net short position of 84,976 contracts. That was a bear move of 98,869 contracts during the week that ended on May 13. 

Precipitation over the next week covers much of the Corn Belt. While some areas in the East are a little slower getting the crop planted, for the crop already in the ground, this is generally welcomed.