Corn Heading Lower on Monday

Row of corn - by fietzfotos via Pixabay

Corn futures are showing midday weakness on Monday, as the board is down 3 to 4 cents across most front months. May is down 4 cents, with new crop December 3 ¼ cents in the red. 

USDA reported a private export sale of 165,000 MT if corn to Mexico this morning, with 135,000 MT scheduled for old crop shipment and 30,000 MT for new crop. 

Export Inspections data from FGIS showed 1.33 MMT of corn exported during the week of April 11. That was a drop of 7.71% from the previous week but an increase of 7.63% from the same week last year. Mexico was in for 429,870 MT of the total, with 293,493 MT headed to Japan and 193,545 MT to South Korea.  Inspections YTD for the marketing year have totaled 28.681 MMT (1.129 bbu), which is 33.74% more than the same period last year. 

The average trade guess for planting progress as of April 14 is 7% complete according to a Bloomberg poll, on par with the average pace. The Crop Progress report will be out later this afternoon. 

May 24 Corn  is at $4.31 1/2, down 4 cents,

Nearby Cash   is at $4.13 1/8, down 4 cents,

Jul 24 Corn  is at $4.43 3/4, down 3 1/2 cents,

Dec 24 Corn  is at $4.68 3/4, down 3 1/4 cents,

New Crop Cash   is at $4.31 3/8, down 3 1/4 cents,

On the date of publication, Alan Brugler 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.