Corn Futures Slip as USDA Reports Crop Progress and Export Sales

Corn futures ended the Monday session lower, with contracts falling between 1 and 5 ¼ cents. The front month CmdtyView national average Cash Corn price decreased by 5 cents, settling at $4.57 3/4. Markets will observe a closure on Friday in honor of Good Friday.

Export Sales and Crop Updates

Today, the USDA announced a private export sale of 120,000 metric tons (MT) of corn to Japan designated for the 2024/25 shipping season.

After the market close, the National Agricultural Statistics Service (NASS) released a report showing that 4% of the U.S. corn crop was planted as of April 13. This figure is slightly below the 5% five-year average pace.

Export Inspections Rise

The Export Inspections report highlighted a total of 1.829 million MT (72 million bushels) of corn shipped during the week of April 10. This represents a 34.02% increase from the prior week and is 13.36% higher than the same week last year. Mexico was the top destination, receiving 632,450 MT, followed by Japan with 265,158 MT, and Taiwan with 162,389 MT. Overall, marketing year exports have reached 37.51 million MT (1.477 billion bushels), a significant 30.49% increase compared to the same period last year.

Ukraine Crop Estimates

APK-Inform has estimated that Ukraine’s corn crop will rise sharply by 18% year-on-year, reaching 29.2 million MT, according to a publication released on Monday.

Closing Prices

Closing prices for corn futures on May 25 settled at $4.85, down 5 1/4 cents. Nearby Cash corn was at $4.57 3/4, also down 5 cents. July 25 corn closed at $4.92 3/4, decreasing by 4 1/4 cents, while December 25 corn ended at $4.62, down 1 1/2 cents. New Crop Cash fell by 1 cent to $4.26 3/8.

On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. For more information, please view the Barchart Disclosure Policy here.

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