Corn futures were rallying out of the 8:30 am CDT gates this morning, with strength across the wheat helping out. Contracts closed with gains of 2 to 8 ½ cents across the board.
The Monday afternoon Crop Progress report indicated 70% of the US corn crop planted in the week that ended on May 19. That was a 21% increase on the week and is now just 1% below the 5-year average pace. Emergence was tallied at 40%, with the average crop development at 39% for May 19.
USDA’s Export Inspections report pegged 1.21 MMT of corn shipped during the week that ended on May 16. That was a 20.5% increase over last week but was down 8.9% from last year. Mexico was the top destination of 421,472 MT, with 273,852 MT headed to China and 211,653 MT on its way to Japan. Year to date inspections have totaled 35.211 MMT, a 28.6% increase from the same period last year.
Jul 24 Corn closed at $4.60 1/2, up 8 cents,
Nearby Cash was $4.37 1/2, up 8 1/8 cents,
Sep 24 Corn closed at $4.71, up 8 1/2 cents,
Dec 24 Corn closed at $4.84 1/4, up 7 3/4 cents,
New Crop Cash was $4.46 1/4, up 8 1/8 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.
