Corn Prices Rally Out of Weekend

Corn futures faltered in the afternoon but still went home 14 1/2 to 18 1/2 cents in the black. Crude oil was up by more than $7/bbl to over $110 on Monday. 

State planting data from TX had 42% of corn planted as of 3/20. That is 5 ppts ahead of last year and 7% points more than the 5-yr average. Milo was 30% planted, which is 1ppt ahead of their 5-yr average. 

USDA’s weekly export data showed 1.466 MMT of corn was shipped during the week that ended 3/17. That was up 319k MT from last week but was down from 2.02 MMT during the same week last season. The season’s accumulated export program reached 1.078 bbu, which trails last season’s pace by 190 mbu. 

May 22 Corn  closed at $7.56 1/4, up 14 1/2 cents,

Nearby Cash  was $7.23 1/2, up 14 5/8 cents,

Jul 22 Corn  closed at $7.28 1/4, up 15 3/4 cents,

Dec 22 Corn  closed at $6.64, up 18 1/2 cents,

New Crop Cash  was $6.49 1/2, up 17 cents,