Corn Posting Midday Gains on Monday

Corn futures are trading with 4 to 5 ¼ cent gains at Monday’s Midday. There were 311 deliveries issued against May futures on Friday evening. The CmdtyView national average Cash Corn price is 4 3/4 cents higher on the day to $4.44 ¾. 

Export Inspections data showed corn at 2.028 MMT (79.84 mbu) shipped in the week that ended on April 30. That was up 22.41% from last week and 25.43% larger than the same week last year. Mexico was the top destination of 437,165 MT, with 313,658 MT to Japan and 302,990 MT to Colombia. Marketing year shipments have totaled 55.482 MMT (2.184 bbu), which is up 30.47% yr/yr.

Monthly Grain Crush data from NASS showed 474.4 million bushels of corn used in ethanol production in March. That was a 10.2% increase from February and 4.76% larger than last year. Marketing year corn grind has totaled 3.225 billion bushels, now 20 mbu above last year in the same period. 

Weekly CFTC data showed managed money adding 79,697 contracts to their net long position in corn futures and options in the week of April 28. That took their net long back to 264,103 contracts. Producer selling was active with commercials adding 89,919 contracts their net short at 554,336 contracts.

Brazil’s corn crop was estimated at 137 MMT according to StoneX, up 1.3 MMT from their previous number. Much of that was in the first crop, up 1.14 MMT to 28.32 MMT.

May 26 Corn is at $4.73 1/2, up 5 1/4 cents,

Nearby Cash is at $4.44 3/4, up 4 3/4 cents,

Jul 26 Corn is at $4.85, up 4 3/4 cents,

Dec 26 Corn is at $5.03 1/2, up 4 3/4 cents,

New Crop Cash is at $4.60 1/2, up 5 1/2 cents,