Corn prices are trading 1 ½ to 3 cents lower following overnight action. Futures closed out the week’s opening session with contracts fractionally to 1 ¼ cents higher, led by the May. New crop December was up just ½ cent.
Export Inspections data from Monday morning showed corn shipments totaling 1.42 MMT in the week that ended last Thursday, April 4. That was a slight 3.52% drop from the previous week’s loadings, but 69.22% above the same slow week last year. Cumulative shipments have totaled 27.327 MMT during the MY (1.075 billion bushel), which is 35.23% larger vs. the same YTD total in 22/23. Mexico was by far the largest destination, with 610,642 MT in total, with Japan coming in second at 451,160 MT.
Sorghum shipments backed off from the previous week’s total, with just 69,839 MT. That was less than a third of last week and down 22.95% from the same week last year.
Crop Progress data from NASS pegged the US corn planting pace at 3% through Sunday. That was ahead of the 5-year average of 2% for this date and matched last year’s pace.
May 24 Corn closed at $4.35 1/2, up 1 1/4 cents, currently down 1 1/2 cents
Nearby Cash was $4.16 1/1, up 1 3/8 cents,
Jul 24 Corn closed at $4.47 1/2, up 3/4 cent, currently down 2 cents
Dec 24 Corn closed at $4.73, up 1/2 cent, currently down 2 cents
New Crop Cash was $4.36 5/8, up 3/8 cent,
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