Corn Slipping Lower After Hitting 4-Month High Overnight
Corn futures are trading with fractional to 5 cent losses across most contracts on Tuesday, as May expires today.
USDA reported a large private export sale of 405,000 MT of corn to Mexico via the daily system, with 135,000 MT for old crop and 270,000 MT for new crop.
Monday afternoon’s Crop Progress report indicated 49% of the US corn crop was planted as of May 12, a 13% increase on the week. That still lags the 5-year average of 54% and the 60% from last year. Of the major states, IA, KS, MO, ND, and OH were all reported above normal. NE was 11% behind the average, with IL 14% back of normal and IN lagging by 3%. The US crop was also reported at 23% emerged, which is 2% above the normal pace thanks to the faster start to planting.
CONAB released updated production numbers this morning, increasing the total corn crop production by 0.672 MMT to 111.64 MMT, mainly on increased second crop acreage. That compares to the 122 MMT from UDSA last Friday.
May 24 Corn is at $4.55 3/4, down 2 3/4 cents,
Nearby Cash is at $4.45, down 4 cents,
Jul 24 Corn is at $4.68 1/2, down 4 cents,
Dec 24 Corn is at $4.92, down 1 cent,
New Crop Cash is at $4.56 3/4, down 1 1/2 cents,
On the date of publication, Alan Brugler 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.
