Corn Falling into Tuesday Day Session

Corn is starting out Tuesday with 6 to 9 cent losses so far for Tuesday. May futures closed with a 3 1/4 cent gain to start the week. They will expire on Friday. The rest of the market ended Monday UNCH to a nickel lower. July printed a 6 1/4 cent range on the day.  There have still been zero deliveries against May corn futures, with the oldest long dated 2/24/23. 

Trade estimates for Friday’s WASDE report range 1.267 to 1.480 billion bushels for old crop corn ending stocks. The average trade estimate would be 32.6 mbu looser than last month at 1.375 bbu. New crop output is anticipated to be 15.14 bbu on average with a 180.8 bpa yield. The full range of estimates is from 178 to 183.5 bpa, for 14.555 to 15.30 bbu of production. 

The weekly NASS Crop Progress report showed corn planting advanced 23% points to 49% complete as of 5/7. The 5-yr average pace would be 42% planted as of 5/7. Iowa plantings advanced 41 ppts to 70% complete as they are now 17% points ahead of average. Emergence was reported at 12% compared to 6% last week and 11% on average. NASS also marked 24% of the sorghum crop as planted by 5/7. 

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. The marketing year to date total for exports is 24.867 MMT (979 mbu) through 5/4. That remains 35% behind last year’s pace. 

May 23 Corn  closed at $6.56 1/2, up 3 1/4 cents, currently down 7 1/4 cents

Nearby Cash   was $6.29 1/2, up 1/4 cent,

Jul 23 Corn  closed at $5.96 1/2, unch, currently down 8 1/4 cents

Dec 23 Corn  closed at $5.29 3/4, down 5 cents, currently down 8 1/4 cents