Mixed Close for Corn Futures

May corn prices ended Monday with a 3 1/2 cent gain. The other nearby contracts were fractionally to 5 cents weaker on the day. At the close the May/July spread was 55 c/bu, the second largest behind 2021 for the two contracts on record. 

USDA’s weekly Export Inspections report showed 1.518 MMT of corn was exported during the week that ended 4/27. That was up 580k MT from last week but was below shipments from the same week last year by 180k MT. The season’s total shipment reached 23.9 MMT as of 4/27, which remains 34.7% behind last year's pace. 

The weekly Crop Progress report after the close showed 26% of the 23/24 corn crop was planted as of 4/30. That was a 12% point advancement and now matches the 5-yr average pace. By state, Iowa corn planting reached 29%, behind their 34% average pace. Illinois on the other hand is 11% points ahead of average at 40% planted, and Missouri was 80% finished compared to 41% on average. National emergence was shown at 6%, compared to the 55 average pace. 

Milo was 21% planted as of 4/30, compared to 22% on average. 

This afternoon, NASS also reported 437.967 mbu of corn was used in March for ethanol production. That was a 9.8% increase from February, with more days of use. The March corn grind was 3.4% below March ’22. That set the season’s total ethanol pull at 2.986 bbu, or 57% of the WASDE forecast. The remaining 5 months need to average ~453 mbu of corn use to hit the April target, the MY high to date 449 mbu in October. 

May 23 Corn  closed at $6.39 1/2, up 3 1/2 cents,

Nearby Cash   was $6.16, down 1 3/4 cents,

Jul 23 Corn  closed at $5.84 1/2, down 1/2 cent,

Dec 23 Corn  closed at $5.25 1/4, down 2 1/2 cents,