Corn Futures Market News and Commentary
Monday corn trading closed with old crop losses of 6 3/4 to 8 1/4 cents. New crop prices were firmer as Dec closed UNCH and the others were fractionally lower.
The weekly Crop Progress report showed corn planting progressed 2 ppts over the week ending 4/11 to now 4% complete. That is 1% point above the 5-yr average. TX has planted 57% of the expected area, and IA now has some corn in the ground. As of 4/11, MN, NE, OH, PA, and WI were still 0% planted.
Sorghum planting in TX reached 49% through the week that ended 4/11. National milo planting is 14% complete compared to the 5-yr average of 17%.
USDA’s weekly Export Inspections report showed 1.584 MMT of corn shipped during the week that ended 4/08. That was down from 2.2 MMT LW, but up from 1.176 MMT from the same week last year. China was the top destination for the week’s export, and China and Taiwan combined for 36% of the total. After adding 286,802 MT to past reports, accumulated shipme... Read more