Corn Markets Gaining Double Digits

Corn prices are 11 3/4 to 13 1/2 cents higher through midday on E15 ethanol news. That has the May contract 3 3/4 cents from a LoC high as the other front months set new highs. 

As President Biden travels to Iowa today, the administration announced plans to allow E15 sales outside of the July-Sep window. Previously, the Trump administration attempted to permanently allow E15 year-round, though the move failed in the courts. The current announcement, targeted to lower fuel prices at the pump, did not specify a time frame for implementation nor for duration. 

Crop Progress data showed 2% of the national corn crop was planted as of 4/10. That matched last week’s progress due to rounding. The 5-yr average is to be 3% planted. Sorghum planting was 14% done as of 4/10, up by 1 ppt as TX reached 48% planted. 

Argentia truck transporters are on strike to protest diesel costs. Reports from the AgroEntregas suggested an 80% reduction in trucks to unload at the ports. Ukraine’s AgroConsult reported 100 fully loaded grain vessels are stuck at port due to the ongoing war with Russia.  

May 22 Corn  is at $7.77, up 12 1/2 cents,

Nearby Cash   is at $7.54 5/8, up 13 1/4 cents,

Jul 22 Corn  is at $7.71 3/4, up 13 cents,

Dec 22 Corn  is at $7.30 3/4, up 12 3/4 cents,

New Crop Cash   is at $7.09 1/2, up 13 cents,