Overnight corn prices were Dec corn prices have dipped below their $5 round number mark overnight, but are holding there this morning. AM July futures are bleeding premium with another 11 cent loss so far. July is still 67 cents above Sep. 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. Preliminary open interest showed net new selling, rising 6,990 contracts. Most of that was in December.
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.
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, currently 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, currently down 5 cents
Dec 23 Corn closed at $5.05 1/4, down 9 3/4 cents, currently down 4 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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