Double Digit Drop in Old Crop Corn

Corn prices faded after an initial Turnaround Tuesday rally attempt. Despite the 1.5% drop, May prices still went home above the $8 mark. New crop futures closed 6 3/4 to 7 3/4 cents in the red on Tuesday. Planting delays failed to move the meter. 

NASS’s Crop Progress data showed 14% of the corn crop was planted. That was up from 7% last week but trails the 5-yr average of 33%. That is also the slowest pace since 2013. Planting in IA was 9% complete, under their 42% average pace. NE trails their 34% average pace with 28% planted as of 5/1. 

StoneX estimates Brazil’s second corn crop at 88.14 MMT, down by nearly 3 MMT on dryness into the dry season. Dr. Michael Cordonnier cut his Brazilian corn crop (all three crops) estimate to 107 MMT. 

The official USDA March corn grind had 454.942 mbu of corn used for ethanol. That was up 8.2% from Feb but under Jan’s 461.5 mbu use. That was the largest March corn grind since 2018’s 472.9 mbu pull. 

May 22 Corn  closed at $8.00 3/4, down 12 1/4 cents,

Nearby Cash  was $7.78, down 10 1/2 cents,

Jul 22 Corn  closed at $7.93, down 10 1/2 cents,

Dec 22 Corn  closed at $7.35 1/4, down 7 cents,

New Crop Cash  was $7.21 1/8, down 7 1/8 cents,