Red Morning for Corn Trade

Corn futures are weaker on 1 to 4 1/2 cent losses thus far for Tuesday action. Corn ended the Monday session 5 to 7 1/4 cents higher. July closed 6 cents under the session high. 

The NASS Crop Progress report had 65% of new crop US corn planted as of 5/14. That was a weekly advance of 16% points and remains 6% points ahead of average. Colorado, KS, MI, ND, OH, and WI were each trailing their respective average pace, with North Dakota only 6% planted. Corn emergence reached 30% compared to the 25% average. NASS also had 28% of new crop milo planted as of 5/14, matching the average pace. 

USDA’s weekly Export Inspections report showed 1.174 MMT of corn was shipped during the week that ended 5/11. That was up 20% from last week and 11% from the same week last year. The season’s total shipment reached 26.051 MMT, or 1.026 bbu. That is down 50% from last year, and 57% of the new WASDE forecast. 

South Korea’s NOFI reportedly booked 132k MT of corn via tender – said to be SoAm sourced. 

Jul 23 Corn  closed at $5.92 1/2, up 6 1/4 cents, currently 4 1/2 cents

Nearby Cash   was $6.24 1/4, up 5 3/4 cents,

Sep 23 Corn  closed at $5.18, up 7 1/4 cents, currently down 1 1/4 cents

Dec 23 Corn  closed at $5.15, up 6 1/4 cents, currently down 1 1/2 cents