Midday corn futures are trading at or near their lows for the session with 1 ¾ to 3 ¾ cent losses across the front months. Preliminary open interest rose 7,8893 contracts on Monday as speculators added positions ahead of Thursday’s quarterly reports and localized cash grain movement was also noted.
Safras and Mercado reported Brazil’s corn planting as 97.3% for 2nd crop as of 3/22. That compares to 94.7% at the same time last year.
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.
May 24 Corn is at $4.36 1/4, down 1 1/2 cents,
Nearby Cash is at $4.13 3/4, down 1 3/4 cents,
Jul 24 Corn is at $4.48 1/4, down 3 cents,
Dec 24 Corn is at $4.71, down 3 3/4 cents,
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