Ups and Downs in the Corn Market
As the week’s opening session came to a close, corn futures barely budged, with prices ticking up by a mere fraction to 1 ¼ cents higher, led by the May contracts. Notably, the Ned crop December saw a modest increase of just ½ cent.
Export Inspections and Shipments
The Export Inspections data from Monday morning painted a picture of corn shipments totaling 1.42 MMT in the week that ended on April 4. While this figure marked a slight 3.52% drop from the previous week’s loadings, it soared high above the levels of the same period last year by a staggering 69.22%. Cumulative shipments for the Marketing Year have totaled 27.327 MMT, signaling a remarkable 35.23% increase from the Year-to-Date total in 22/23. Mexico emerged as the largest destination, receiving 610,642 MT in total, with Japan following closely behind at 451,160 MT.
Sorghum Shipments and Crop Progress
Sorghum shipments took a step back from the previous week’s figures, amounting to just 69,839 MT. This marked a notable decline from the same timeframe last year, dropping by 22.95%.
On the home front, Crop Progress data from the NASS revealed that the US corn planting pace sat at 3%, surpassing both the 5-year average of 2% and the previous year’s numbers.
Global Corn Forecast and Closing Figures
The BAGE corn forecast for Argentina was trimmed to 52 MMT due to insect pressure concerns, as reported late last week. In contrast, the USDA held firm at 56 MMT in its March estimates, with the Argentine new crop harvest already 11% complete.
On the market front, the May 24 Corn closed at $4.35 1/2, up by 1 1/4 cents, with nearby Cash at $4.16 1/1, reflecting an increase of 1 3/8 cents. Likewise, the Jul 24 Corn concluded trading at $4.47 1/2, rising by 3/4 cent, while the Dec 24 Corn closed at $4.73, gaining 1/2 cent. New Crop Cash stood at $4.36 5/8, up 3/8 cent.
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 are solely for informational purposes.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
