Corn futures ended the session 8 1/4 to 16 1/2 cents higher. July’s 22 1/4 cent range was mostly spent in the black on Monday. December futures ended the session a penny off the high.
Weekly Crop Progress data from NASS had 81% of the 23/24 corn crop planted as of 5/21. That was a 16% point advancement through the week and remains 6% points ahead of the 5-yr average. Planting advanced the most in OH, with 40ppt increase to 66% complete. IA was shown at 91% finished, compared to 87% on average. NASS marked emergence at 52%, compared to 30% last week and 45% on average.
USDA’s weekly Export Inspections data showed 1.323 MMT of corn was shipped during the week that ended 5/18. That was up 150k MT from last week but was 430k MT from the same week last year. USDA marked Japan as the top destination with 38% of the total. The season’s total exports hit 27.375 MMT, trailing last year’s pace by 13.5 MMT (33%).
Jul 23 Corn closed at $5.71, up 16 1/2 cents,
Nearby Cash was $6.02 1/4, up 16 3/8 cents,
Sep 23 Corn closed at $5.04 3/4, up 10 1/4 cents,
Dec 23 Corn closed at $5.09, up 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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