Ag Valley Coop -

Corn Board Mixed to Mostly Lower

Alan Brugler - Barchart - Mon May 03, 4:39PM UTC

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Corn trading begins the new month of May with old crop prices mixed, and new crop fractionally to 3 cents lower. May corn futures are down 6, with preliminary OI still at 7,296 contracts as of 4/29. There have been no delivery notices for May corn futures. The oldest long is dated 11/24. July contracts are up 5 3/4 cents at midday, though still a 55 cent discount to May.

The weekly Export Inspections report showed 2.139 MMT (84.212 mbu) of corn shipments for the week ending 4/29. China was the top destination for the week’s export, with 770,749 MT to the PRC alone. MYTD corn exports were reported at 1.707 bbu, which is 772 mbu ahead of last season’s pace through April 29.

NOAA’s 7-day QPF shows as much as 4” accumulating along the southern border of IL. The ECB from E. IA through OH rainfall accumulation is forecasted mostly 1.75” to 2” through the week. Ahead of the weekly Crop Progress update, analysts are expecting corn planting at 36-38% complete as of 5/2. The 5-yr average is 36% complete.

StoneX reduced their forecast for Brazilian corn by 4.8 MMT to 100.25 MMT. SAFRAS and Mercado reduced their estimate for Brazil’s 2020/21 corn production. Their new forecast calls for a record 104.14 MMT crop, but is down 8.66 MMT from their last update.

May 21 Corn is at $7.34, down 6 cents,

Jul 21 Corn is at $6.79, up 5 3/4 cents,

Nearby Cash is at $6.92 1/8, up 2 3/4 cents,

Dec 21 Corn is at $5.62, down 1 3/4 cents,

New Crop Cash is at $5.36 1/1, up 1/8 cent,

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