Corn futures are trading with strength on Monday’s midday, as contracts are up 4 to 7 cents across most months to start the week and erase overnight weakness.
Export Inspections data from this morning showed 1.28 MMT of corn shipped during the week of May 2. That was a 0.95% slip up from last week but 31.97% above the same wee last year. Mexico was the top destination of 404,200, with Japan getting 379,846 MT. Year to date exports are now 32.98 MMT (1.298 bbu), a 32.58% improvement from the same point last year.
Trade estimates ahead of this afternoon’s Crop Progress report are expecting to show corn planting across the US at 40% complete, up from the 27% last week.
May 24 Corn is at $4.56, up 9 cents,
Nearby Cash is at $4.45 5/8, up 6 3/4 cents,
Jul 24 Corn is at $4.67, up 6 3/4 cents,
Dec 24 Corn is at $4.87, up 4 1/4 cents,
New Crop Cash is at $4.51 1/2, up 5 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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