Futures are trying to edge higher at midday, with contracts up 1 to 2 cents across most contracts. Preliminary open interest dropped 13,641 contracts, with liquidation of 30,973 May positions on the day not being matched by a 14,147 contract roll increase to July. Friday was the first day of the so called Goldman Roll.Â
Export Inspections data from Monday morning showed corn shipments totaling 1.42 MMT in the week that ended last Thursday April 4. That was a slight 3.52% drop from the previous week’s loadings, but 69.22% above the same slow week last year. Cumulative shipments have totaled 27.327 MMT during the MY (1.075 billion bushel), which is 35.23% larger vs. the same YTD total in 22/23. Mexico was by far the largest destination, with 610,642 MT in total, with Japan coming in second at 451,160 MT.
Sorghum shipments backed off of the previous week’s total, with just 69,839 MT. That was less than a third of last week and down 22.95% from the same week last year.Â
The BAGE corn forecast (Argentina) was cut to 52 MMT late last week with insect pressure being blamed. USDA (new estimates on Thursday) was still at 56 MMT in March. Argentine new crop harvest was 11% done.Â
May 24 Corn  is at $4.36 1/4, up 2 cents,
Nearby Cash  is at $4.17 5/8, up 2 1/8 cents,
Jul 24 Corn  is at $4.47 3/4, up 1 cent,
Dec 24 Corn  is at $4.73 3/4, up 1 1/4 cents,
New Crop Cash  is at $4.36 1/4, up 1 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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