Corn futures are trading with 2 to 3 ½ cent gains at Monday’s midday. The CmdtyView national average Cash Corn price is up 2 cents at $4.05 1/4. Crude oil is back up just $3.03 this morning, though more than $5 off the overnight highs following the breakdown of US/Iran negotiations this weekend.
Crop Progress will be updated later this afternoon, with analysts looking for the US corn crop to be 6% planted as of Sunday.
Export Inspections data showed wheat at 1.782 MT (70.18 mbu) shipped in the week that ended on April 9. That was down 13.15% from last week, and 2.59% below the same week last year. Mexico was the top destination of 579,076 MT, with 205,930 MT to Japan and 202,404 MT to South Korea. Marketing year shipments have totaled 50.23 MMT (1.97 mbu), which is up 33.9% yr/yr.
Friday’s Commitment of Traders report showed 49,342 contracts cut from the managed money net long position as of April 7 to 218,632 contracts.
May 26 Corn is at $4.43 3/4, up 2 3/4 cents,
Nearby Cash is at $4.05 1/4, up 3 cents,
Jul 26 Corn is at $4.54 3/4, up 3 1/2 cents,
Dec 26 Corn is at $4.74 3/4, up 2 1/2 cents,
New Crop Cash is at $4.31, up 2 3/4 cents,
