Corn UNCH to Fractionally Higher into Day Session


Corn futures traded in a 3 ¼ cent range overnight and are set to begin the day session UNCH to fractionally higher. Front month corn prices ended Monday with 3 to 6 cent losses.  Preliminary OI data showed traders were rolling out of May (-11k) and into July (+4.4k), Dec (+2.4k) and Mar (+1.2k). On net there were 2.4k fewer corn futures in play after Monday. 

NASS issued the first national Crop Progress report of the 24/25 season showing corn planting has begun in IL, KS, KY, MO, TN, and TX. Nationally 2% of the crop was planted as of 3/31, in line with long term averages. Texas was 57% planted. Milo was 11% planted including 42% of the intended state crop now planted in Texas. 

USDA’s weekly Export Inspections report had 1.431 MMT of corn shipped for the week that ended 3/28, the largest volume of the year to date. That was up from 1.255 MMT last week and from 1.1 MMT during the same week a year ago. Mexico and Japan were the top destinations. The report had accumulated corn exports at 25.87 MMT as of 3/28 which is now 33.5% ahead of last year’s pace. 

The USDA Grain Crushing report showed 441.5 million bushels of corn utilized for ethanol production in February. The 6 month total is 2.714 billion bushels, running 6.5% ahead of year ago.  The WASDE March forecast anticipates full year use will be up 4%. 

May 24 Corn  closed at $4.35 1/2, down 6 1/2 cents, currently up 1/2 cent

Nearby Cash   was $4.15 3/8, down 5 1/4 cents,

Jul 24 Corn  closed at $4.49 1/4, down 5 1/4 cents, currently UNCH

Dec 24 Corn  closed at $4.74 3/4, down 3 cents, currently UNCH

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.