Ag Valley Coop -

Corn Prices Gaining Through Midday

Alan Brugler - Barchart - Tue May 04, 4:39PM UTC

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Corn futures resumed their rally today with double digit gains. Old crop futures are up 17 1/2 cents in July, and 21 3/4 cents in May. Open interest for May contracts was 5,275 contracts as of 5/3 with no deliveries issued. New crop prices are also up 11 1/2 to 15 cents.

Census data showed official March corn exports at a new all time monthly record 9.468 MMT (372.75 mbu), the previous record was 7.75 MMT in May 2018.February’s 6.31 MMT was also the largest Feb on record. MYTD corn exports are the second largest on record (behind 07/08) through March with 37.5 MMT (1.476 bbu). For ethanol, the monthly data showed 133m gallons were shipped in March. That was down from 139m gallons in 2020.

South Korea purchased 65,000 MT of optional origin corn via international tender.

USDA’s monthly grain crushings report showed that 420.04 mbu of corn was used for ethanol production in March. 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.

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. 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.

May 21 Corn is at $7.54, up 21 3/4 cents,

Jul 21 Corn is at $6.97, up 17 1/2 cents,

Nearby Cash is at $7.15 2/3, up 22 3/8 cents,

Dec 21 Corn is at $5.77, up 14 cents,

New Crop Cash is at $5.54 1/9, up 16 3/4 cents,

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