Corn Fades into Day Session

So far the Tuesday corn market is fractionally weaker into the Tuesday’s session. Corn futures settled with 5 1/4 to 9 1/2 cent gains on Monday. December futures led the way with a 1.7% gain and a close just 1/4 cent off the high for the day. 

USDA reported another private export sale yesterday morning for 112,800 MT of old crop corn, this time to unknown destinations. 

Weekly Export Inspections data showed 666,325 MT of corn was exported during the week that ended 3/23. That was down from 1.19 MMT last week and was only 41% of the same week last year. Mexico was the top destination for the week. USDA had the season’s total shipment at 18.194 MMT, compared to 29.045 MMT last year. 

Texas state crop progress data showed 52% of 2023/24 corn was planted as of 3/26. That was up from 40% last week and is 7% points ahead of average. 

The average trade estimate for Friday’s USDA Grain Stocks corn number is 7.473 billion bushels (bbu). Trader estimates range from 7.24 bbu to 7.83 bbu, vs. 7.758 billion bushels in March 2022. 

Prospective Plantings is expected to show 90.9m acres for 23/24 corn. The full range of estimates is between 87.7 and 92.1 million. USDA’s armchair Outlook Forum number was 91 million flat compared to 88.6 million last year. 

May 23 Corn  closed at $6.48 1/4, up 5 1/4 cents, currently down 1/4 cent

Nearby Cash Corn  was $6.53 on Monday, up 6 1/8 cents,

Jul 23 Corn  closed at $6.29 3/4, up 6 3/4 cents, currently down 1/2 cent

Dec 23 Corn  closed at $5.69 3/4, up 9 1/2 cents, currently down 1/4 cent