Corn futures are showing fractional losses so far on Monday. Preliminary open interest dropped a sharp 39,164 contracts. That was to be expected given the expiration of the May options (OI there declined 57,778 contracts).

Export Inspections data from FGIS showed 1.23 MMT of corn shipped in the week of April 25, a 26.21% drop from the previous week and also 19.27% below the same week last year. The lead destination was Japan, with 391,224 MT in shipments, as 374,571 MT was headed to Mexico. Accumulated shipments this marketing year have totaled 31.624 MMT (1.245 bbu), which is 32.3% above the same week last year.

Commitmen of Traders data from Friday afternoon showed managed money spec funds trimming their net short in corn futures and options by 41,024 contracts as of 4/23. They still held a large net short of 238,546 contracts, the smallest since January. Commercials added 38,499 contracts to their net short position, at 42,172 contracts by last Tuesday. 

May 24 Corn is at $4.39 3/4, down 1/4 cent,

Nearby Cash is at $4.25 1/4, down 1/8 cent,

Jul 24 Corn is at $4.49 1/2, down 1/2 cent,

Dec 24 Corn is at $4.72 3/4, down 3/4 cent,

New Crop Cash is at $4.36 1/1, down 1 cent,