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IPC Index — Mexico Market
Corn futures posted modest losses to close out April with contracts ¼ to 3 ½ cents. There were 19 delivery notices on First Notice Day for May futures. The CmdtyView national average Cash Corn price was down 2 1/2 cents at $4.32 3/4.
A large portion of the Corn Belt should be able to get some crop in the ground over the next 5 days. Day 6 and 7 of NOAA’s 7-day QPF shows 1 to 1.5 inches of rain expected in much of MO and the ECB.
USDA’s Export Sales report released this morning indicated 1.598 MMT of old crop corn sales in the week of 4/23. That was the largest sales total since late February. Colombia was the top buyer of 420,300 MT, with 261,400 MT to Mexico, 239,300 MT to Venezuela, and 224,400 MT to unknown. New crop business was at 0, compared to estimates of 0-500,000 MT. That was the first week of no new crop business in 13 weeks.
The US House of Representatives passed its version of the farm bill on Thursday without language that would allow E15 sales year around. The bill now moves onto the senate, with any E15 legislation pushed back to a separate vote sometime in May.
May 26 Corn closed at $4.64 3/4, down 1 3/4 cents,
Nearby Cash was $4.32 3/4, down 2 1/2 cents,
Jul 26 Corn closed at $4.74 3/4, down 3 cents,
Dec 26 Corn closed at $4.94 1/4, down 3 1/2 cents,
New Crop Cash was $4.51 1/8, down 3 cents,
