Corn is off the session lows but still fractionally to 1 ½ cents in the red for Tuesday’s midday. May futures were down by as much as 3 ¾ cents earlier in the day.
CONAB trimmed their production for Brazilian corn output by ~1 MMT to 112.75 MMT.
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 intend to plant 3.885 million acres of corn, up ~60k acres yr/yr.
The weekly USDA 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 is at $4.41, down 3/4 cent,
Nearby Cash is at $4.14 3/8, down 1/4 cent,
Jul 24 Corn is at $4.53, down 3/4 cent,
Dec 24 Corn is at $4.71 1/4, down 1 1/2 cents,
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