Corn futures are starting Tuesday with prices 1 ¾ to 3 ½ cents weaker. Overnight futures gapped fractionally weaker at the open, recovered to close the gap, then spent most of the overnight session in the red. Front month corn futures started the week weakly, but firmed up and closed in the black on Monday. May settled 1 ¼ cents off the high but was still up 2 cents for the day. New crop futures also went home higher, with fractional to 1 ¼ cent gains. Preliminary open interest rose 7,102 contracts, suggesting net new buying interest.
Texas Crop Progress data showed corn planting progressed 6% points to 20% finished. That is 2 ppts behind the average and down 7% points from last year’s pace. Milo planting progressed 9% points to 18% finished – matching the 5-yr average.
StatsCan data showed farmers intend to plant 3.885 million acres of corn, up ~60k acres yr/yr.
The weekly USDA Export Inspections data showed 1.122 MMT of corn was shipped during the week that ended 3/7. That was 24k MT under last week but was 100k MT more than the same week last year. Total shipments were reported at 21.81 MMT, compared to 16.36 MMT at the same time last year.
May 24 Corn closed at $4.41 3/4, up 2 cents, currently down 3 1/2 cents
Nearby Cash was $4.15 5/8, up 2 3/8 cents,
Jul 24 Corn closed at $4.53 3/4, up 2 cents, currently down 2 1/2 cents
Dec 24 Corn closed at $4.72 3/4, up 3/4 cent, currently down 2 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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