The corn market is continuing to sneak back higher on Tuesday morning, with contracts up 1 to 3 cents. Futures posted gains of 3 to 5 cents in the nearbys on Monday. New crop strength was lacking, as December was down ¾ cent. Preliminary open interest was down 41,570 contracts, mainly exiting the May. The CmdtyView national average Cash Corn price was up 4 1/2 cents at $4.35 1/2.
Later on Monday, President Trump directed Treasury Secretary Bessent and USTR Greer to open negotiations with Japan.
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The first official Crop Progress report from NASS showed the US corn crop was 2% planted as of April 6, in line with the 5-year average and slightly behind the same week in 2024.
Weekly Export Inspections data tallied corn shipments at 1.583 MMT (62.3 mbu) in the week that ended on April 3. That was down 3.89% from the week prior but 8.04% above the same week last year. Mexico was the largest destination of 480,801 MT, with 383,994 MT headed to Japan, 194,246 MT to South Korea and 162,845 to Colombia. Marketing year corn shipments are now 35.582 MMT (1.4 mbu), an increase of 29.95% from the same week last year.
May 25 Corn closed at $4.64 1/2, up 4 1/4 cents, currently up 1 1/2 cents
Nearby Cash was $4.35 1/2, up 4 1/2 cents,
Jul 25 Corn closed at $4.70 3/4, up 3 1/2 cents, currently up 2 1/4 cents
Dec 25 Corn closed at $4.46, down 3/4 cent, currently up 2 3/4 cents
New Crop Cash was $4.10 5/8, down 1/4 cent,
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.
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