The old crop corn market is trading higher with the May contract. May corn is 8 1/4 cents higher so far, with July and Sep each a penny to 2 cents higher. New crop prices are in the red so far, though losses are limited to 2 cents at midday.Â
The Ukrainian Ag Ministry reported 24.4 MMT of corn has been shipped MYTD through April. That is a 15% increase from last year’s pace.Â
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. National emergence was shown at 6%, compared to the 55 average pace.Â
NASS reported 437.967 mbu of corn was used in March for ethanol production. That was 3.4% below March ’22. It put YTD corn use for ethanol 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 WASDE target.
May 23 Corn  is at $6.47 1/2, up 8 cents,
Nearby Cash  is at $6.19 1/2, up 2 1/2 cents,
Jul 23 Corn  is at $5.87, up 2 1/2 cents,
Dec 23 Corn  is at $5.23 1/2, down 1 3/4 cents
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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