Corn on Recovery Through Midday

So far for Monday the corn dip to $7.80s had been bought with futures back in the black for midday. Old crop futures are up 4 to 6 3/4 cents so far, with new crop prices 3 to 4 cents higher. 

Weekly Export Inspections data showed 1.65 MMT of corn was shipped through the week that ended 4/21. That was up from 1.175 MMT during the previous week but was down 303k MT from the same week last year. Accumulated corn exports reached 34.879 MMT according to the weekly USDA data.

Estimates going into the Crop Progress report show the trade expects to see between 10-13% of the corn crop planted as of 4/24, from 4% the week earlier.  

Trader estimates for the StatsCan corn intentions range from 3.2m to 3.67m acres into the 22/23 season. If the average 3.41m is realized, that would be down from this year’s 3.49m acres. 

May 22 Corn  is at $7.97 1/2, up 4 1/2 cents,

Nearby Cash   is at $7.76 3/4, up 6 1/4 cents,

Jul 22 Corn  is at $7.95, up 6 cents,

Dec 22 Corn  is at $7.27 3/4, up 3 1/4 cents,

New Crop Cash   is at $7.08 1/1, up 1 7/8 cents,