Corn futures fall back from the weekly strength, as the tariff news gave the bulls an excuse to take some money off the table ahead of the three-day weekend. Contracts were down 2 to 4 cents, as July was up 16 cents this week, and December rallies 15 ¼ cents. The front month CmdtyView national average Cash Corn price was down 3 1/2 cents at $4.33 3/4. The market will be closed on Monday for Memorial Day, as well as the government reports delayed, with a normal 7:00 pm CDT open on Monday.

CFTC Commitment of Traders data indicated speculators in corn futures and options adding 18,234 contracts to their net short position as of May 20. That took their fresh short position to 103,210 contracts as of Tuesday. 

Export Sales data now has corn commitments at 63.279 MMT as of May 15, up 28% from last year. That is also 96% of USDA’s export projection, and matches the average sales pace.  Shipments have totaled 46.6 MMT, which is 71% of USDA’s number, ahead of the 69% average pace.

President Trump announced this morning a 50% tariff on EU products starting June 1. Unshipped sales for corn are 570,298 MT, with commitments at 3.68 MMT. Last year’s Commitments were 1.02 MMT in total, which was 1.8% of the full export total.

A Taiwan importer is tendering for 65,000 MT of corn, with a deadline of next Wednesday.

Jul 25 Corn  closed at $4.59 1/2, down 3 1/2 cents,

Nearby Cash  was $4.33 3/4, down 3 1/2 cents,

Sep 25 Corn  closed at $4.37 3/4, down 3 1/4 cents,

Dec 25 Corn  closed at $4.50 3/4, down 2 1/2 cents,

New Crop Cash  was $4.09 1/2, down 3 cents,