The corn market was near the lows for the day at the close. That left new crop a nickel in the red and old crop prices 1 1/2 to 4 1/2 cents weaker.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, with the benefit of the Grain Corridor being open when it did not exist a year ago.Â
StoneX estimated Brazil’s old crop corn output at 131.59 MMT, up 250k from their prior outlook. They boosted the 2nd crop projection to 100.8 MMT. USDA is still at 125 MMT (April WASDE). Official Brazilian corn exports in April were shown at 471k MT. That was down from 690k during April ’22.Â
The Monday afternoon Crop Progress report showed 26% of the 23/24 US corn crop was planted as of 4/30. That pace matches the 5-yr average pace. National emergence was shown at 6%, compared to the 5% average pace.Â
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May 23 Corn  closed at $6.38, down 1 1/2 cents,
Nearby Cash  was $6.12 3/4, down 4 3/8 cents,
Jul 23 Corn  closed at $5.80, down 4 1/2 cents,
Dec 23 Corn  closed at $5.19 3/4, down 5 1/2 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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