Corn Tumbling Early on Wednesday with Crude Oil Pressure

Corn prices are down 8 to 9 ½ cents on Wednesday AM trade. Futures closed the Tuesday session with deferred contracts fractionally lower to down 5 2/4 cents in the nearbys. In delivery May was down 8 ¼ cents. Open interest was up 11,654 contracts on Tuesday, mainly in September (+6,759) and December (+9,139) suggesting new selling interest. There were 304 deliveries issued against May futures overnight, all by the ADM house account. The CmdtyView national average Cash Corn price was 6 cents lower on the day to $4.38.

Crude oil is down $7.67 this morning following the US and Iran closing in on reaching a memorandum of understanding that would, among other things, allow for the safe passage through the Strait of Hormuz as well as a path to ending to conflict.

NASS Crop Progress data showed the US corn crop at 38% planted as of Sunday, which was 4% ahead of the 5-year average pace of 34% and is now matching the pace from last year. By state, CO (-1%), IA (-2%), KS (-1%), MI (-9%), MO (-6%), NC (-5%), ND (-5%), and WI (-5%) were reported as lagging behind. The crop was also 3% emerged, which is 4 percentage points faster than normal. 

Monthly export data from Census showed a total of 8.03 MMT (316.2 mbu) of corn exported in March, the second largest on record for the month and 18.61% above February. Distillers exports were up 11.84% vs. a year ago at 1.029 MMT. Ethanol shipments were 217.77 million gallons, the second largest on record.

May 26 Corn  closed at $4.65 1/2, down 8 1/4 cents, currently down 9 1/2 cents

Nearby Cash  was $4.38, down 6 cents,

Jul 26 Corn  closed at $4.80, down 5 3/4 cents, currently down 7 3/4 cents

Dec 26 Corn  closed at $5.00 1/2, down 4 cents, currently down 7 1/2 cents

New Crop Cash  was $4.57 5/8, down 4 1/2 cents,