Monday Gains for Corn Futures

Corn ended Monday near the day’s highs with 5 1/2 to 10 3/4 cent gains. Old crop futures led the way with a double digit gain for both May and July. July futures remain a 23 1/2 cent discount to the May. 

USDA’s Crop Progress data showed the 23/24 corn crop was 3% planted as of 4/9. That was up 1% point through the week and is 1% point ahead of average. Texas was 61% planted vs. their 58% average pace. Sorghum was 13% planted as of Sunday, with TX 48% done. The 5-yr average pace would be 15% finished nationally and with 52% of TX milo planted. 

Export Inspections data this morning showed 805k MT of corn was shipped during the week that ended 4/6. That was down from 1.1 MMT last week and was under the 1.5 MMTs for the same week last year. Accumulated corn shipments were marked at 20.17 MMT as of 4/6, compared to 32.06 MMT last year. 

USDA’s Ag Attache expects China will import 18 MMT of corn for the 23/24 season. 

Pre report estimates ahead of Tuesday’s April WASDE show traders are looking for a 19.7 mbu tighter corn carryout on average. That would be a 1.322 bbu ending stock if realized (DJ survey average is 1.316). The trade is also expecting USDA to trim back Argentina’s corn crop by another 3 MMT to 29.2. 

May 23 Corn  closed at $6.54, up 10 1/2 cents,

Nearby Cash   was $6.58 1/2, up 10 1/2 cents,

Jul 23 Corn  closed at $6.30 1/2, up 10 3/4 cents,

Dec 23 Corn  closed at $5.62 3/4, up 6 cents,