After touching the lowest print since February ’22, Dec corn rallied back into the close and higher for the day. Dec had been down by 6 1/4 cents at the session low. The other front months also rallied back by over a nickel and closed fractionally to a penny higher. May corn was the exception, as its nickel bounce from the day’s low still had the contract 4 3/4 cents in the red at the bell. May corn is still a 38 3/4 cent premium to July, and is an 8 cent premium to May SRW wheat futures.
USDA’s NASS reported that 14% of the 23/24 corn crop was planted as of 4/23, matching trade expectations. That was up from 8% last week. Missouri was shown 58% planted compared to the 5-yr average pace of 18%. National emergence reached 3%, compared to 2% on average.
Analysts are looking for StatsCan to report 3.7m acres of 23/24 corn area in Wednesday’s report. That would be up 80k acres from last season if realized. The full range of estimates is from 3.4 to 3.8m acres.
May 23 Corn closed at $6.46 1/2, down 4 3/4 cents,
Nearby Cash was $6.39 3/4, down 1 1/8 cents,
Jul 23 Corn closed at $6.07 3/4, up 1/4 cent,
Dec 23 Corn closed at $5.48 1/4, up 3/4 cent,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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