Corn Slightly Lower on Tuesday Morning

Corn prices are down 1 ¾ cents across the front months on Tuesday morning. They quickly erased Monday’s overnight weakness once the day session began, as contracts rallied throughout the day.  Futures were up anywhere from 2 to 10 cents across the board, led by the front months. 

Export Inspections data from Monday 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 week 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.

The average trade estimate for 2024/25 US corn production is around 14.87 billion bushels, based on wire house surveys.  It can vary a little depending on the mix of analysts and traders included. The WASDE report will be out on Friday.  NASS will not issue corn or soybean production estimates this early. Very few analysts believe the WAOB has adequate information to deviate from the 181 bpa average yield used in February, with a few skewing 2 bpa lower. 

Yesterday afternoon’s Crop Progress report showed just 36% of the US corn crop was planted as of Sunday, below the 39-40% average guess. A slow down had been expected due to wet weather, but that was just 9% points higher than the progress made through last week, with the 5-year average pace at 39% and 42% complete last year at this time. Emergence was tallied at 12% vs. the average progress of 9% emerged by 5/5.

May 24 Corn  closed at $4.57, up 10 cents, currently up 2 ½ cents

Nearby Cash  was $4.46 3/4, up 8 cents,

Jul 24 Corn  closed at $4.69, up 8 3/4 cents, currently down 1 3/4 cents

Dec 24 Corn  closed at $4.88 1/2, up 5 3/4 cents, currently down 1 3/4 cents

New Crop Cash  was $4.52 1/1, up 6 3/8 cents,