Corn Extending Gains to Tuesday Morning

Corn price action is up 2 ¼ to 3 ¼ cents in the front months early on Tuesday. Futures posted Monday gains of 1 ¼ to 5 ¾ cents across the board on Monday. Open interest was down 18,747 contracts on Monday, mainly via May (-54,461 contracts), with most rolling to the remaining 2026 contracts. The CmdtyView national average Cash Corn price was up 5 3/4 cents at $4.25 1/4. 

Monday morning’s Export Inspections report showed 1.644 MMT (64.73 mbu) of corn shipped in the week of 4/23. That was 1.33% below the same week last year and a 5.67% drop from last week. Mexico was the largest destination of 388,791 MT, with 234,765 MT shipped to Colombia and 196,816 MT to South Korea. The marketing year total is now 53.441 MMT (2.104 bbu) of corn shipped since September 1, which is 30.64% above the same period last year.

NASS Crop Progress data showed the US corn crop at 25% planted as of Sunday, which was 6% ahead of the 5-year average pace of 19%. The crop was also 7% emerged, which is 3 percentage points faster than normal. 

 A South Korean importer purchased 60,000 MT of corn in a tender overnight. Taiwan issued a tender for 65,000 MT of corn, with offers due on Wednesday.

May 26 Corn  closed at $4.60 3/4, up 5 3/4 cents, currently up 2 1/2 cents

Nearby Cash  was $4.25 1/4, up 5 3/4 cents,

Jul 26 Corn  closed at $4.69 1/4, up 5 3/4 cents, currently up 3 1/2 cents

Dec 26 Corn  closed at $4.89 1/2, up 5 1/4 cents, currently up 3 1/4 cents

New Crop Cash  was $4.46 1/4, up 5 1/4 cents,