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Corn Back Lower on Tuesday

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Corn futures are trading with 3 to 5 cent losses so far on the Tuesday session, with USDA confirming planning pace picking back up. Rains over the next couple days are limited to the WCB, with the ECB precip expected over the weekend.

USDA reported a couple private export sale announcements this morning, with 113,050 MT split evenly between old and new crop shipment to Mexico and 110,000 MT of 23/24 corn to Spain.Β 

The Monday afternoon Crop Progress report indicated 70% of the US corn crop planted by the end of the week that ended May 19. That was a 21% increase on the week and is now just 1% below the 5-year average pace. Of the major states, IL was 4% behind normal, with IN and NE 3% back of the average and IA lagging behind by 8%. Emergence was tallied at 40%, with the average crop development at 39% for May 19.

China customs data shows corn imports from all sources in April totaled 1.18 MMT.Β  Year to date imports of 9.1 MMT are up 6.5% from 2023.Β 

Jul 24 CornΒ is at $4.56 1/4, down 4 1/4 cents,

Nearby CashΒ is at $4.33 1/2, down 4 1/4 cents,

Sep 24 CornΒ is at $4.67, down 4 cents,

Dec 24 CornΒ is at $4.80 3/4, down 3 1/2 cents,

New Crop CashΒ is at $4.43 5/8, down 3 5/8 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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