Corn futures are trading 4 to 4 cents lower this morning. They closed Friday with gains of 3 to 4 1/2 cents, although July lost 3 3/4 cents on the week. The Commitment of Traders late Friday report showed spec funds lopping 120,829 contracts off their net short position in corn options and futures trading. As of Tuesday they had a net short position of -17,929 contracts. On Friday, China sold 1.254 MMT of corn from state reserves, most of which was from 2013, with 58.5% of the total 2.144 MMT offered sold. The Buenos Aires Grain Exchange estimates that 45% of the Argentine corn crop had been harvested as of Thursday. AgRural projects that 4.5% of the safrinha corn crop in Brazil is harvested, while leaving their estimate for production of the second crop at 67.1 MMT.

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