The corn market failed to hold the early session strength on Monday, with contracts ending the session with fractional losses in the front months. The front month CmdtyView national average Cash Corn price was unch at $4.55 1/2.
Crop Progress data from this afternoon showed the US corn crop at 12% planted as of April 20, which is ahead of the 5-year average at 10% for that date. Emergence was pegged at 2%, inline with normal.
Export Inspections data showed a total of 1.702 MMT (67.04 mbu) of corn shipped during the week of April 17. That was a drop of 6.95% from the previous week but up 2.49% from the same week last year and the largest for this week since 2018. Mexico was the largest destination of 490,398 MT, with 437,602 MT to Japan, and 206,613 MT to South Korea. Marketing year exports have totaled 39.22 MMT (1.544 bbu) since September 1, which is 28.97% above the same period last year.
Friday’s CFTC data showed spec funds in corn futures and options adding back 70,997 contracts to their net long position as of April 15, taking their net long to just back to 124,573 contracts.
May 25 Corn closed at $4.81 3/4, down 1/2 cent,
Nearby Cash was $4.55 1/2, unch,
Jul 25 Corn closed at $4.90, down 1/4 cent,
Dec 25 Corn closed at $4.64 1/2, down 1 1/2 cents,
New Crop Cash was $4.29 3/4, down 1 1/2 cents,
