Front month corn futures closed the Tuesday session with old crop gains of 10 to 11 cents. Basis continues strengthening as well, as cmdtyView data shows the national average spot basis is about a dime under May. New crop futures ended 7 3/4 to 8 cents in the black on Tuesday. New crop basis is 27 1/2 cents under December futures, but compares to minus 34 cents at this time last year.
Cooler than normal temps over the next two weeks are expected to slow planting progress in some areas because soil temps aren’t reaching the level needed for germination.
Chinese Customs data shows March corn imports totaled 6.73 MMT, which was more than a 500% increase yr/yr.
May 21 Corn closed at $5.80, up 11 cents,
Jul 21 Corn closed at $5.66 1/2, up 10 1/2 cents,
Nearby Cash was $5.69 1/3, up 11 1/4 cents,
Dec 21 Corn closed at $5.04 1/4, up 7 3/4 cents,
New Crop Cash was $4.76 3/4, up 7 3/4 cents,
