Corn is trading fractionally mixed following the opening overnight session. Corn pared losses for the week with a Friday short covering rally in May futures, as contracts were up 3 ½ to 6 ¾ cents across the board. May was up 6 ¾, with December up 6 ¼ cents to close out the day. Preliminary open interest rose 5,697 contracts on overall net new buying. 

The EPA issued an emergency waiver to allow sales of E15 nationally this summer.  The waiver overrides the current policy that prohibits summer sales beginning on June 1 from retailers in some regions. Ethanol sales expansion will still be limited by the lack of sufficient E15 (aka unleaded 88 in some markets) pumps.

Commitment of Traders data showed spec funds in corn futures and options adding another 16,016 contracts to their net short position at 279,570 contracts as of April 16.

The BA grain exchange estimates 17% of the Argentine 2024 crop has been harvested, up only 2% from last week. The 5-year average for this time is 36% harvested. 

May 24 Corn  closed at $4.33 1/2, up 6 3/4 cents, currently up 1/4 cents

Nearby Cash   was $4.18 5/8, up 7 1/2 cents,

Jul 24 Corn  closed at $4.43, up 6 3/4 cents, currently down 1/2 cents

Dec 24 Corn  closed at $4.66 1/4, up 6 1/4 cents, currently down 1/4 cents

New Crop Cash   was $4.30 1/2, up 6 7/8 cents,