Corn futures are continuing weaker through the Tuesday session with prices another 4 ¾ to 7 cents in the red at midday. Front month futures 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. 

NASS reported the Feb corn grind for ethanol at 441.5 mbu. That was up 11% from last year on one extra day. 

Safras and Mercado listed Brazil’s 2nd crop corn was 99.6% planted as of 3/28. 

Wire sources showed Taiwan booked 65k MT of corn, likely to be Argentinian. 

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. 

May 24 Corn  is at $4.28 1/4, down 7 1/4 cents,

Nearby Cash   is at $4.08 1/4, down 7 1/4 cents,

Jul 24 Corn  is at $4.42 1/2, down 6 3/4 cents,

Dec 24 Corn  is at $4.69, down 5 3/4 cents,