Through Monday’s midday the corn futures are trading mixed but mostly lower. Old crop prices are fractionally higher building the calendar spread. New crop futures are down by a nickel to 5 1/2 cents on optimism about rapid US planting progress and good Brazilian yield potential.
A U.N. spokesperson, Farhan Haq, mentioned that there were no new authorizations issued for Ukrainian grain vessels on Friday. This follows meetings last week where no agreement was reached for extending the Black Sea Grain Corridor, existing authorizations will still be inspected and continue en route.
USDA’s weekly Export Inspections report showed 963.4k MT (37.93 mbu) was exported for the week that ended 5/4. That was a 37% drop from last week and was down 35% from the same week last year. Mexico was the week’s top destination, though Japan was also shipped +200k MT and China was sent 137k MT. That brought the season’s total export to 24.867 MMT (979 mbu) through 5/4. That remains 35% behind last year’s pace.
May 23 Corn is at $6.54, up 3/4 cent,
Nearby Cash is at $6.29 3/8, up 1 cents,
Jul 23 Corn is at $5.97 1/2, up 1 cent,
Dec 23 Corn is at $5.29 1/4, 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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