Corn futures closed out the Monday session with contracts mixed. Front months were up fractionally to 2 ¾ cents on the day, with deferred contracts fractionally to 2 ¼ cents lower.
Monday afternoon’s Crop Progress report indicated 49% of the US corn crop was planted as of May 12, a 13% increase on the week. That still lags the 5-year average of 54% and the 60% from last year. The crop was also reported at 23% emerged, which is 2% above the normal pace thanks to the faster start to planting.
Weekly Export Inspections data showed corn shipments slipping below the 1 MMT mark for the first time in 13 weeks to 937,729 MT (36.9 mbu) during the week of 5/9. That was a drop of 27.81% from last week and down 20.11% from the same week in 2023. Mexico was the top destination of 318,791 MT, as 206,679 MT was headed to Japan. Year to date inspections have totaled 33.93 MMT (1.34 bbu), still a 30.26% increase yr/yr.
May 24 Corn closed at $4.58 1/2, up 2 3/4 cents,
Nearby Cash was $4.49, up 2 7/8 cents,
Jul 24 Corn closed at $4.72 1/2, up 2 3/4 cents,
Dec 24 Corn closed at $4.93, up 1 cent,
New Crop Cash was $4.57 1/4, up 1 1/4 cents,
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