The weekly CFTC update released on Friday showed that managed money reduced their net long position by 44,442 contracts in the week ending 5/12. This brought their net long position in corn futures and options down to 299,483 contracts.

Export Sales data showed total corn commitments at 77.748 MMT as of May 7, following last week’s disappointing numbers. This is still up 25% year-over-year and now represents 93% of the USDA forecast, compared to the average sales pace of 95%. Export shipments reached 55.8 MMT, which is 69% of the forecast and ahead of the average pace of 66%. US FOB prices remain competitive in the global market, although a larger Argentine crop is creating pressure.

South Korean importers purchased a total of 191,000 MT of corn in separate overnight tenders, with most purchases being optional origin.