Futures closed out the week’s opening session with contracts fractionally to 1 ¼ cents higher, led by the May. Ned crop December was up just ½ cent.
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.
Crop Progress data from NASS pegged the US corn planting pace at 3%. That was up from the 5-year average at 2% and even the previous year.
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.
May 24 Corn closed at $4.35 1/2, up 1 1/4 cents,
Nearby Cash was $4.16 1/1, up 1 3/8 cents,
Jul 24 Corn closed at $4.47 1/2, up 3/4 cent,
Dec 24 Corn closed at $4.73, up 1/2 cent,
New Crop Cash was $4.36 5/8, up 3/8 cent,
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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