Corn Down on Tuesday Morning
Overnight trade has corn showing fractional to 2 cent losses this morning. Corn futures ended the Monday session fractionally to 1 ¼ cents lower across most contracts. Tuesday is first notice data for May corn futures, with no deliveries issued. The CME is reducing corn’s daily price limits by a nickel on May 1 to 30 cents.
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.
Weekly Crop Progress data showed quite a bit of planting getting done ahead of the rain late last week with 27% of the crop in the ground by Sunday. That was up 15% on the week and is 5% ahead of the 5-year average. The crop was also 7% emerged, with the average pace at 4%.
May 24 Corn closed at $4.39 1/4, down 3/4 cent, currently down 1/2 cent
Nearby Cash was $4.25 1/4, down 1/8 cent,
Jul 24 Corn closed at $4.49 1/4, down 3/4 cent, currently down 2 cents
Dec 24 Corn closed at $4.72 3/4, down 3/4 cent, currently down 1 1/2 cents
New Crop Cash was $4.36 7/8, down 1 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
