Corn prices are down 8 to 9 ½ cents on Wednesday AM trade. Futures closed the Tuesday session with deferred contracts fractionally lower to down 5 2/4 cents in the nearbys. In delivery May was down 8 ¼ cents. Open interest was up 11,654 contracts on Tuesday, mainly in September (+6,759) and December (+9,139) suggesting new selling interest. There were 304 deliveries issued against May futures overnight, all by the ADM house account. The CmdtyView national average Cash Corn price was 6 cents lower on the day to $4.38.
Crude oil is down $7.67 this morning following the US and Iran closing in on reaching a memorandum of understanding that would, among other things, allow for the safe passage through the Strait of Hormuz as well as a path to ending to conflict.
NASS Crop Progress data showed the US corn crop at 38% planted as of Sunday, which was 4% ahead of the 5-year average pace of 34% and is now matching the pace from last year. By state, CO (-1%), IA (-2%), KS (-1%), MI (-9%), MO (-6%), NC (-5%), ND (-5%), and WI (-5%) were reported as lagging behind. The crop was also 3% emerged, which is 4 percentage points faster than normal.
Monthly export data from Census showed a total of 8.03 MMT (316.2 mbu) of corn exported in March, the second largest on record for the month and 18.61% above February. Distillers exports were up 11.84% vs. a year ago at 1.029 MMT. Ethanol shipments were 217.77 million gallons, the second largest on record.
May 26 Corn closed at $4.65 1/2, down 8 1/4 cents, currently down 9 1/2 cents
Nearby Cash was $4.38, down 6 cents,
Jul 26 Corn closed at $4.80, down 5 3/4 cents, currently down 7 3/4 cents
Dec 26 Corn closed at $5.00 1/2, down 4 cents, currently down 7 1/2 cents
New Crop Cash was $4.57 5/8, down 4 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.
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