As of Tuesday morning, U.S. corn futures have gained 2 to 3 cents, with May 26 corn closing at $4.40 1/4, down 3/4 cent, while cash prices declined to $4.02 3/4 per bushel. Preliminary open interest rose by 7,622 contracts. As of Sunday, 5% of the U.S. corn crop was planted, a 2-percentage point increase over the week, compared to the 5-year average of 4%.
Wheat export inspections for the week ending April 9 reported shipments of 1.782 million metric tons (70.18 million bushels), down 13.15% from the previous week and 2.59% lower than the same week last year. Mexico was the leading importer, receiving 579,076 metric tons, while total marketing year shipments reached 50.23 million metric tons, up 33.9% year-over-year.
Brazil’s corn crop estimate increased by 1.3 million metric tons to 139.57 million metric tons, with the second crop raised by 0.69 million metric tons to 109.12 million metric tons, per CONAB data released today.
