Corn futures failed to hold onto the Monday gains, closing with contracts steady to 1 ¼ cents lower and 5-6 cents off the highs. The CmdtyView national average Cash Corn price was down 1/2 cent at $4.02 3/4. Crude oil was up just $1.42 on the day, coming well off the highs, following the breakdown of US/Iran negotiations this weekend. Pressure came later in the session after President Trump stated Iran was wanting to make a deal.
Crop Progress data indicated the US corn crop was 5% planted as of Sunday. That was a 2-percentage point move on the week and compares to the 4% 5-year average pace.
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Export Inspections data showed wheat at 1.782 MT (70.18 mbu) shipped in the week that ended on April 9. That was down 13.15% from last week, and 2.59% below the same week last year. Mexico was the top destination of 579,076 MT, with 205,930 MT to Japan and 202,404 MT to South Korea. Marketing year shipments have totaled 50.23 MMT (1.97 mbu), which is up 33.9% yr/yr.
May 26 Corn closed at $4.40 1/4, down 3/4 cent,
Nearby Cash was $4.02 3/4, down 1/2 cent,
Jul 26 Corn closed at $4.51, down 1/4 cent,
Dec 26 Corn closed at $4.71, down 1 1/4 cents,
New Crop Cash was $4.27 3/8, down 1 cent,
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.
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