Corn Mar '20 (ZCH20)

Corn quickly erased the overnight weakness once the day session began, as contracts rallied throughout the day.  Futures were up anywhere from 2 to 10 cents across the board, with the strength led by the front months.

Export Inspections data from this morning showed 1.28 MMT of corn shipped during the week of May 2. That was a 0.95% slip up from last week but 31.97% above the same wee last year. Mexico was the top destination of 404,200, with Japan getting 379,846 MT. Year to date exports are now 32.98 MMT (1.298 bbu), a 32.58% improvement from the same point last year.

This afternoon’s Crop Progress report showed just 36% of the US corn crop was planted as of Sunday, below the 39-40% average guess. That was just 9% higher than the progress made through last week, with the 5-year average pace at 39% and 42% complete last year. Emergence was tallied at 12% vs. the average progress of 9% emerged by 5/5.

May 24 Corn  closed at $4.57, up 10 cents,

Nearby Cash  wa... Read more