Corn prices are down 2 to 3 cents as we roll into Monday morning. Futures settled 6 to 7 cents higher on Friday. May futures ended the week with a slight 1 ¼ cent gain, while December was down ½ cent.  Preliminary open interest sank 21,058 contracts,  all of that in the nearby May. Goldman roll activity was very limited, or masked by other trades.

Safras & Mercado trimmed their Brazilian corn crop estimate by 0.27 MMT to 125.86 MMT. That is more in line with the current USDA projection at 124 MMT and well above the newest CONAB estimate of 110.97 MMT. The Buenos Aires Grain Exchange dropped their Argentine number by 2.5 MMT to 49.5 MMT on Thursday afternoon.

Per CFTC, the large managed money spec funds in corn added 3,998 contracts to their net short position in the week ending April 9, taking the position to 263,554 contracts. During that week, commercials trimmed 2,548 contracts from their small net short, at 20,771 contracts as of Tuesday. 

May 24 Corn  closed at $4.35 1/2, up 6 3/4 cents, currently down 2 cents

Nearby Cash   was $4.17 1/8, up 7 cents,

Jul 24 Corn  closed at $4.47 1/4, up 6 1/4 cents, currently down 2 1/2 cents

Dec 24 Corn  closed at $4.72, up 6 cents, currently down 2 1/2 cents

New Crop Cash   was $4.35 5/8, up 6 cents,