Corn futures closed out the Thursday session with gains of 4 ½ to 9 cents across most contracts. Some precip is expected to make its way across the US over the next week, possibly putting a slow down to the so far (through last Sunday at least) rapid planting pace. 

The weekly Export Sales report showed 758,466 MT in corn bookings during the week ending on April 25. That was down 41.7% from last week and on the low side of estimates. Japan was the top buyer of 267,400 MT, with 190,800 MT sold to Mexico. New crop sales were just 33,658 MT in that week. 

Monthly export data from Census showed 5.89 MMT (232 mbu) of corn shipped during March. That was a 19.78% increase on the same month last year and the largest monthly total since last May. Distillers exports were 1.055 MMT in March, a 10-year high, with ethanol shipments at 159.3 million gallons, the largest in 4 years. 

StoneX raised their Brazilian corn crop production total to 125.6 MMT, 1.37 MMT above their previous number. As for the Argentina crop, the Buenos Aires Grain Exchange slashed 3 MMT from their projection to 46.5 MMT, citing poor weather and insect issues. Harvest pace was at 22.1% complete.

May 24 Corn  closed at $4.52, up 8 3/4 cents,

Nearby Cash  was $4.38 7/8, up 8 5/8 cents,

Jul 24 Corn  closed at $4.59 3/4, up 9 cents,

Dec 24 Corn  closed at $4.79 1/2, up 6 3/4 cents,

New Crop Cash  was $4.43 1/2, up 7 1/4 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.