Corn reversed direction overnight, with futures 1 to 4 higher this morning. On Monday corn sustained old crop losses of 6 3/4 to 8 1/4 cents. New crop prices were firmer as Dec closed UNCH and the others were fractionally lower. Preliminary OI data suggests the losses were not due to money flows, as preliminary open interest rose only 34 contracts for the day. There was significant rolling out of May into July futures.
The weekly USDA Crop Progress report showed corn planting progressed 2 ppts over the week ending 4/11 to now 4% complete. That is 1% point above the 5-yr average. TX has planted 57% of the expected area, and IA now has some corn in the ground. As of 4/11, MN, NE, OH, PA, and WI were still 0% planted.
Sorghum planting in TX reached 49% through the week that ended 4/11. National milo planting is 14% complete compared to the 5-yr average of 17%.
USDA’s weekly Export Inspections report showed 1.584 MMT of corn shipped during the week that ended 4/08. That was down from 2.2 MMT LW, but up from 1.176 MMT from the same week last year. Accumulated shipments were reported at 37.579 MMT (~ 1.479 bbu) as of 4/8.
May 21 Corn closed at $5.69, down 8 1/4 cents, but now up 1 1/4
Jul 21 Corn closed at $5.56, down 6 3/4 cents, now up 1 3/4
Nearby Cash was $5.58 1/8 on Monday, down 7 7/8 cents,
Dec 21 Corn closed at $4.96 1/2, unch, now up 3 1/2
New Crop Cash was $4.69 on Monday, UNCH,
