Corn Futures Decline Amidst Market Weakness and Export Data

Corn futures fell below previous levels by the closing bell on Monday, with contracts dropping 2 to 6 cents across the board. The nearby CmdtyView national average Cash Corn price decreased by 2 1/4 cents, settling at $4.49 1/2. This downturn was influenced by pressures stemming from the wheat market.

Export Inspections and Shipment Data

According to the Weekly Export Inspections report, corn shipments reached 1.654 million metric tons (MMT), or 65.14 million bushels (mbu), for the week ending April 24. This figure is down 4.16% from the previous week but remains 27.44% higher than the same week last year. Key destinations included Mexico, receiving 533,791 MT; Japan, which imported 376,788 MT; and Colombia, taking in 211,129 MT. Year-to-date corn shipments stand at 40.90 MMT (1.609 billion bushels), reflecting a significant increase of 28.98% compared to last year.

Crop Progress Update

The latest Crop Progress data indicates that as of April 27, the U.S. corn crop is 24% planted, surpassing the 5-year average of 22% for that date. Additionally, emergence is reported at 5%, which is 1 percentage point ahead of the norm.

Price Movements

May 25 Corn closed at $4.75 1/2, down 3 1/4 cents.

Nearby Cash settled at $4.49 1/2, down 2 1/4 cents.

Jul 25 Corn finished at $4.83 1/4, down 2 1/4 cents.

Dec 25 Corn closed at $4.50 1/4, down 5 1/2 cents.

New Crop Cash was priced at $4.13, a decrease of 5 1/4 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
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