Corn Market Shows Mixed Results Amid Crop Progress Concerns
On Tuesday, the corn market ended with nearby contracts rising by 1 to 2 cents, while new crop contracts fell by 1 to 2 cents at the close. The nearby CmdtyView national average Cash Corn price increased by 1 ¾ cents, bringing it to $4.25 1/4.
Crop Progress Analysis
Recent Crop Progress data, released Monday afternoon, revealed that several eastern and central states are lagging behind normal planting rates. For instance, Illinois and Kentucky are 12 percentage points behind average progress, while Tennessee lags by 1%. Other states, including Iowa (-4%), Missouri (-3%), North Carolina (-9%), and Wisconsin (-5%), also reported slower-than-average planting paces.
Export Data Highlights
This morning, the Census Bureau released March export data, reporting corn exports of 7.34 million metric tons (MMT), equivalent to 289 million bushels. This marks a 21.7% increase from February and a 24.54% rise compared to the previous year. Consequently, the total for the marketing year now stands at 38.01 MMT (1.496 billion bushels). In addition to corn, exports of distillers dried grains (DDGs) reached 1.027 MMT, slightly lower than last year’s figures. Notably, ethanol shipments hit their highest level in seven years at 195.8 million gallons.
Recent Purchases
A few importers from South Korea secured a total of 332,000 MT of corn via private tenders overnight.
Market Closing Prices
May 25 Corn closed at $4.47 1/2, up 1 cent.
Nearby Cash was $4.25 1/4, up 1 ¾ cents.
Jul 25 Corn closed at $4.55 1/2, up 1 1/4 cents.
Dec 25 Corn closed at $4.41 1/4, down 1 3/4 cents.
New Crop Cash stood at $4.00 5/8, down 2 1/4 cents.
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 provided are intended solely for informational purposes. For more details, please refer to the Barchart Disclosure Policy
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
