Futures fell 1.7% to 2.2% on Turnaround Tuesday. For July and Sep that led to double digit drops, and Dec saw the lowest print since December 2021. Dec held at $5, and closed 4 1/4 cents off the low for the session.
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, which included several months of larger “before the war” business.
Jul 23 Corn closed at $5.81 1/4, down 11 1/4 cents,
Nearby Cash was $6.13 3/4, down 11 1/2 cents,
Sep 23 Corn closed at $5.06 1/2, down 11 1/2 cents,
Dec 23 Corn closed at $5.05 1/4, down 9 3/4 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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