Corn Jul '24 (ZCN24)

Corn futures got some help from the other grains in the complex, as contracts closed with gains of 3 to 6 ¾ cents across the board. Positive Inspections data and spillover strength from wheat were supportive.  

USDA’s Export Inspection report showed a MY high 1.623 MMT of corn shipped during the week that ended on April 18, a 19.95% increase from the week prior. That was 72.93% larger than the same week last year and the largest weekly total since May 2022. Of that total 624,300 MT was headed to Mexico, with 150,868 MT headed to Japan. Sizable totals were also headed to Taiwan (147,537 MT), South Korea (131,461 MT), Columbia (125,174 MT), China, (98,659 MT), Venezuela (94,388 MT). US accumulated shipments have totaled 30.327 MMT during the marketing year, 35.48% above last year.

This afternoon’s Crop Progress report showed planting pace progressing to 12% completed as of 4/21, 2% faster than the 5-year average pace and even with last year. Looking ahead, the next few day... Read more