Ag Valley Coop -

Corn Futures Are Up 5 to 14 Cents Early

Alan Brugler - Barchart - Tue May 04, 12:20PM UTC

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ZCK24 - Corn

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Overnight corn trading has the board 5 to 14 higher to start the Tuesday session. Yesterday, May corn futures were 7 3/4 cents weaker, while July rallied 6 1/4 to reduce the inverse to 52 3/4 cents/bu. There have still be zero deliveries against May futures. New crop corn prices closed fractionally lower on Monday.

USDA’s weekly Crop Progress report showed a faster than expected 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. IA planting increased from 20% complete last week to now 69%. The 5-yr average for IA planting is 45% planted. New crop was 8% emerged on 5/2, compared to the 9% average.

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 the highest since December. MYTD corn used for ethanol was reported at 2.87 bbu, or 57.7% of USDA’s April forecast. Barring any changes made on May 12, ethanol producers need to average 421.2 mbu/month for the remainder of the season to hit the current WASDE figure of 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.

May 21 Corn closed at $7.32 1/4, down 7 3/4 cents, but is up 14 1/2 to begin Tuesday

Jul 21 Corn closed at $6.79 1/2, up 6 1/4 cents, and now up 10 1/2 more

Nearby Cash was $6.93 ¼ yesterday, up 3 7/8 cents,

Dec 21 Corn closed at $5.63, down 3/4 cent, but up 6 cents overnight

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

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