Corn Collapses Towards April Lows on Monday
Corn futures closed out the Monday session with contracts down 14 to 15 cents in the front months and 7 to 8 cents in the new crop contracts. The nearby CmdtyView national average Cash Corn price was down 15 at $4.24 3/4. An opening for planting across the Corn Belt, along with decent weather in much of Brazil’s second corn crop growing region and a weaker oil market pressured the market to start the week.
Crop Progress data from this afternoon showed the US corn crop at 40% planted as of May 4, which is 1 percentage point ahead of the 5-year average pace. Emergence was tallied at 11%, running ahead of the 5-year average at 9%.
USDA’s Export Inspections report indicated a total of 1.61 MMT (63.32 mbu) of corn shipped in the week that ended on 5/1. That was down just 3.48% from the previous week but 23.81% above the same week in 2024. Mexico was the top destination of 557,095 MT, with 433,524 MT headed to Japan and 165,983 MT to Colombia. Marketing year shipments have totaled 42.515 MMT (1.674 bbu), which is up 28.8% compared to the same week last year.
Brazil’s corn crop was estimated at 135.4 MMT according to updated projections from Celeres, up 0.8 MMT from their previous number.
May 25 Corn closed at $4.46 1/2, down 14 3/4 cents,
Nearby Cash was $4.24 3/4, down 15 cents,
Jul 25 Corn closed at $4.54 1/4, down 14 3/4 cents,
Dec 25 Corn closed at $4.43, down 7 1/4 cents,
New Crop Cash was $4.02 1/1, down 7 1/4 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.