Ag Valley Coop -

Corn Closes Mixed on Monday

Alan Brugler - Barchart - Mon May 03, 9:45PM UTC

Related Stocks

ZCK24 - Corn

Sym	Last	Chg	Pct
ZCK24	441-0	unch	unch
ZCN24	451-6	-0-2	-0.06%
ZCPAUS.CM	4.2602	+0.0359	+0.85%
ZCZ21	588-6s	+4-4	+0.77%
ZCPZ21US.CM	5.7930	-0.0285	-0.49%

May corn futures ended the session 7 3/4 cents weaker, while July rallied 6 1/4 to reduce the inverse to 52 3/4 cents/bu. New crop corn prices closed fractionally lower, with Dec now at $5.63/bu.

USDA’s weekly Crop Progress report showed 46% of the 2021/22 corn crop was planted as of 5/2. That is up from just 17% the week prior and compares to the 36% average pace. New crop was 8% emerged on 5/2, compared to the 9% average. Milo was reported at 20% planted, with TX 66% planted.

USDA’s monthly grain crushings report showed that 420.04 mbu of corn was used for ethanol production in March. That was the first time corn used for ethanol was higher yr/yr since February of last year. The March corn grind was also a CY high, though still below December. MYTD corn used for ethanol was reported at 2.87 bbu, or 57.7% of USDA’s April forecast. Barring any changes made next Wednesday, ethanol producers need to average 421.2 mbu/month for the remainder of the season to hit 4.975 bbu.

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. marketing YTD corn exports were reported at 1.707 bbu, which is 772 mbu ahead of last season’s pace through April 29.

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 closed at $7.32 1/4, down 7 3/4 cents,

Jul 21 Corn closed at $6.79 1/2, up 6 1/4 cents,

Nearby Cash was $6.93 1/4, up 3 7/8 cents,

Dec 21 Corn closed at $5.63, down 3/4 cent,

New Crop Cash was $5.37 3/8, up 1/2 cent,

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