Corn Dropping through Tuesday

Sunset over a corn field

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,

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.