Front month corn futures started the week weaker, but firmed up and closed in the black. May was 1 ¼ cents off the high for the day at the close, but was still up 2 cents for the day. New crop futures also went home higher, with fractional to 1 ¼ cent gains.
Texas Crop Progress data showed corn planting progressed 6% points to 20% finished. That is 2 ppts behind the average and down 7% points from last year’s pace. Milo planting progressed 9% points to 18% finished – matching the 5-yr average.
StatsCan data showed farmers will plant 3.885 million acres of corn, up ~60k acres yr/yr.
The weekly Export Inspections data showed 1.122 MMT of corn was shipped during the week that ended 3/7. That was 24k MT under last week but was 100k MT more than the same week last year. Total shipments were reported at 21.81 MMT, compared to 16.36 MMT at the same time last year.
May 24 Corn closed at $4.41 3/4, up 2 cents,
Nearby Cash was $4.15 5/8, up 2 3/8 cents,
Jul 24 Corn closed at $4.53 3/4, up 2 cents,
Dec 24 Corn closed at $4.72 3/4, up 3/4 cent,
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