Corn Futures Maintain Gains Amid Positive USDA Reports

Corn futures are holding steady with midday gains on Monday, supported by a more favorable than expected USDA report. Contracts have increased by 2 to 5 cents. As of Friday night, there were 12 deliveries issued against May contracts, which are set to expire on Wednesday. The nearby CmdtyView national average cash corn price stands at $4.23, up 2 3/4 cents.

Export Inspections and Marketing Stats

Export inspections data revealed that a total of 1.22 million metric tons (MMT) of corn was shipped during the week of May 8. This marked a 24.29% decline from the previous week, but a 21.85% increase compared to the same week last year. Japan was the top destination, receiving 370,450 MT, followed by Mexico with 357,162 MT, and South Korea with 271,068 MT. Marketing year exports since September 1 have reached 43.748 MMT (1.772 billion bushels), reflecting a 28.63% rise from the same timeframe last year.

USDA Updates and Global Production Estimates

This morning, the USDA released updated corn balance sheets, indicating a reduction of 50 million bushels in old crop stocks to 1.415 billion bushels, coinciding with an increase in exports. For the new crop data, the USDA retained the March prospective planting number of 95.3 million acres along with a trend yield of 181 bushels per acre, projecting total corn production at 15.82 billion bushels. The new crop stocks estimate was adjusted to 1.8 billion bushels, significantly below the average trade estimate.

Argentina’s corn production remains unchanged from last month at 50 MMT, while Brazil’s output has been increased by 4 MMT to 130 MMT. Additionally, world ending stocks for the 2024/25 period have decreased by 0.36 MMT to 287.29 MMT, with new crop stocks estimated at 277.84 MMT.

Upcoming Crop Progress Report

Crop progress data is expected to be released this afternoon, with analysts predicting corn planting across the country to be 58% complete.

Current Price Overview

May 25 Corn is currently priced at $4.44, reflecting an increase of 2 1/2 cents.

Nearby Cash is at $4.23, which is up 2 3/4 cents.

Jul 25 Corn is priced at $4.52 1/2, gaining 2 3/4 cents.

Dec 25 Corn is at $4.47 1/2, up 5 1/2 cents.

New Crop Cash stands at $4.05 1/1, increasing by 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 here.

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