Front month corn futures were fractionally weaker at the close on Monday, save for the lead month May’s contract which was 1 ½ cents weaker at the bell. As a reminder, the market will be closed on Friday.
Corn planting in TX reached 46% finished as of 3/24 which was up 12% points for the week and is now 3% points ahead of average. TX milo was 37% planted as of 3/24, which is 1% point ahead of average.
USDA’s weekly Export Inspections data had 1.23 MTM of corn shipments for the week that ended 3/21. That was a slight decrease from 1.33 MMT last week, but was nearly double the same week last year. The accumulated export reached 24.4 MMT compared to 18.3 MMT for last year.
Estimates ahead of Thursday’s reports show traders are looking for corn stocks at 8.445 billion bushels on average. That would be a 1.05 bbu more than the same time last year after beginning Q2 with a 1.35 bbu larger supply. The full range of estimates is to see between 8.13 bbu and 8.8 bbu.
Corn planting intentions are estimated between 90m acres and 93.8m acres with 91.8 million as the average. That would be 800k more than the February Outlook Forum and would be down from 94.6m planted in 2023.
BAGE reported Argentina’s corn harvest was 3.7% completed as of 3/21. They lowered their output forecast by 2.5 MMT to 54 MMT. USDA was at 56 MMT in the March WASDE.
May 24 Corn closed at $4.37 3/4, down 1 1/2 cents,
Nearby Cash was $4.15 1/2, down 1 1/8 cents,
Jul 24 Corn closed at $4.51 1/4, down 3/4 cent,
Dec 24 Corn closed at $4.74 3/4, down 1/2 cent,
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