The corn market is trading with front month gains of 2 to 4 cents so far on Monday. Larger than expected acres are weighing on new crop, as December is down 1 ½ cents. The CmdtyView national average Cash Corn price is up 1 ¼ cents on the day at $4.21 3/4.
Grain Stocks from this morning showed 8.151 billion bushels of corn on hand as of March 1, which was in line with trade estimates. That was also down 201 mbu from the same time lase year. Corn acreage was tallied at 95.326 million acres according to the NASS survey of producer intentions, which is above the 94.4 million acre estimate but within the range of estimates. If realized that would be a 4.732 million acre increase yr/yr.
This morning’s Export Inspections report showed 1.644 MMT (63.6 mbu) of corn shipped during the week that ended on March 27. That was a 4.97% hike from the previous week and 9.67% larger than the week prior. Mexico was the top destination of 407,009 MT, with 296,192 MT headed for Japan, and 271,656 MT on its way to South Korea. Marketing year to date exports have totaled 33.957 MMT (1.337 bbu), which is up 31.02% from the same period last year.
May 25 Corn is at $4.55 1/2, up 2 1/4 cents,
Nearby Cash is at $4.21 3/4, up 1 1/4 cents,
Jul 25 Corn is at $4.62 1/4, up 2 1/4 cents,
Dec 25 Corn is at $4.41, down 1 1/2 cents,
New Crop Cash is at $4.02 1/4, down 3 1/4 cents,
On the date of publication, Austin Schroeder 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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