Corn prices are down 1 to 3 ¼ cents as the market kicks of Tuesday trade. Futures posted gains of 5 ¼ to 6 ¾ cents at the Monday close. New buying interest was noted, up 36,880 contracts, mainly in the July (11,705) and December (15,990). There were 35 deliveries issued against May corn overnight. The CmdtyView national average Cash Corn price was 5 cents higher on the day to $4.44 ¾.
NASS Crop Progress data showed the US corn crop at 38% planted as of Sunday, which was 4% ahead of the 5-year average pace of 34% and is now matching the pace from last year. The crop was also 3% emerged, which is 4 percentage points faster than normal.
Export Inspections data showed corn at 2.028 MMT (79.84 mbu) shipped in the week that ended on April 30. That was up 22.41% from last week and 25.43% larger than the same week last year. Mexico was the top destination of 437,165 MT, with 313,658 MT to Japan and 302,990 MT to Colombia. Marketing year shipments have totaled 55.482 MMT (2.184 bbu), which is up 30.47% yr/yr.
Brazil’s corn crop was estimated at 137 MMT according to StoneX, up 1.3 MMT from their previous number. Much of that was in the first crop, up 1.14 MMT to 28.32 MMT.
May 26 Corn closed at $4.73 3/4, up 5 1/2 cents, currently down 1 3/4 cents
Nearby Cash was $4.44 3/4, up 5 cents,
Jul 26 Corn closed at $4.85 3/4, up 5 1/2 cents, currently down 3 1/4 cents
Dec 26 Corn closed at $5.04 1/2, up 5 3/4 cents, currently down 2 3/4 cents
New Crop Cash was $4.61, up 6 cents,
