Corn Closes Mixed, as New Crop Bids Up
The corn market posted mixed trade, as the recent bull spreads unwind. Nearbys were down 3 to 4 cents at the close, with new crop December up 2 ¼ cents. The May-December corn spread is down to 17 cents, after being over 30 cents on Friday. The front month CmdtyView national average Cash Corn price is down 4 cents at $4.53 3/4.
USDA released a private export sale of 110,000 MT of corn to Portugal this morning for 2024/25 shipment. This follows the 120,000 MT sale to Japan reported on Monday
NASS tallied 4% of the US corn crop planted as of April 13, which is just a tick behind the 5% 5-year average pace. Kansas and Texas were the only states to be reported above normal. Rain expected over the next week from IA to IN, with heavier totals in MO and KS, may limit some early planting through next Monday.
EIA data will be released on Wednesday morning, with some expecting to see steady ethanol production after a sharp drop last week.
May 25 Corn closed at $4.81 1/4, down 3 3/4 cents,
Nearby Cash was $4.53 1/1, down 3 3/4 cents,
Jul 25 Corn closed at $4.89 1/2, down 3 1/4 cents,
Dec 25 Corn closed at $4.64 1/4, up 2 1/4 cents,
New Crop Cash was $4.28 7/8, up 1 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.