Corn Weakness Creeping in on Tuesday AM
Corn futures are trading with 2 to 5 cent losses so far on Tuesday morning. The corn market failed to hold the early session strength on Monday, with contracts ending the session with fractional losses in the front months. Preliminary open interest was down 5,829 contracts on Monday, with May dropping 18,185 and other contracts increasing OI. The front month CmdtyView national average Cash Corn price was unch at $4.55 1/2.
Crop Progress data from Monday afternoon showed the US corn crop at 12% planted as of April 20, which is ahead of the 5-year average at 10% for that date. Emergence was pegged at 2%, in line with normal.
Export Inspections data showed a total of 1.702 MMT (67.04 mbu) of corn shipped during the week of April 17. That was a drop of 6.95% from the previous week but up 2.49% from the same week last year and the largest for this week since 2018. Mexico was the largest destination of 490,398 MT, with 437,602 MT to Japan, and 206,613 MT to South Korea. Marketing year exports have totaled 39.22 MMT (1.544 bbu) since September 1, which is 28.97% above the same period last year.
May 25 Corn closed at $4.81 3/4, down 1/2 cent, currently down 2 1/2 cents
Nearby Cash was $4.55 1/2, unch,
Jul 25 Corn closed at $4.90, down 1/4 cent, currently down 3 1/4 cents
Dec 25 Corn closed at $4.64 1/2, down 1 1/2 cents, currently down 5 1/2 cents
New Crop Cash was $4.29 3/4, down 1 1/2 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.
