July corn futures have given all of yesterday’s bounce with a double digit Turnaround Tuesday drop. The other nearbys are also down by 8 1/2 to 9 3/4 cents so far.
The NASS Crop Progress report had 65% of new crop 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. The season’s total shipment reached 26.051 MMT, or 1.026 bbu.
Ukraine’s Ag Ministry reported 43.6 MMT of grain exports for the season through 5/15. That compares to 46.3 MMT during the same point last year.
South Korea’s NOFI reportedly booked 132k MT of corn via tender – said to be SoAm sourced.
Jul 23 Corn is at $5.80 1/2, down 12 cents,
Nearby Cash is at $6.12 1/4, down 12 cents,
Sep 23 Corn is at $5.07 3/4, down 10 1/4 cents,
Dec 23 Corn is at $5.05 3/4, down 9 1/4 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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