Corn Slipping Back Lower to Start Tuesday
Corn futures are leaking lower this morning, down 1 to 3 cents in the nearby on Tuesday AM trade. The corn market saw gains across much of the the board on Monday, with nearby contracts up 2 to 3 cents at the close. The CmdtyView national average Cash Corn price was back up 3 cents at $4.23 ½.
Monday’s Export Inspections report showed a total of 1.659 MMT (65.29 mbu) of corn shipped during the week of March 13. That was an increase of 25.06% from the same week last year but 10.06% below the previous week. Mexico was the largest destination of 346,619 MT, with 322,618 MT to Japan, and 178,227 MT to Columbia. Marketing year exports were 30.76 MMT (1.211 bbu) since September 1, which is 32.65% above the same period last year.
AgRural estimates the Brazilian second corn crop at 97% planted as of last Thursday.
May 25 Corn closed at $4.61, up 2 1/2 cents, currently down 2 ½ cents
Nearby Cash was $4.23 1/2, up 3 cents,
Jul 25 Corn closed at $4.70, up 2 1/2 cents, currently down 2 ½ cents
Dec 25 Corn closed at $4.54, up 3 cents, currently down 1 cent
New Crop Cash was $4.17 3/4, up 3 cents,
On the date of publication, Austin Schroeder 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.