Corn Posts Mixed Trade on Tuesday
The corn market closed with nearby contracts 1 to 2 cents higher on Tuesday, with new crop down 1 to 2 cents at the close. The nearby CmdtyView national average Cash Corn price was up 1 ¾ cents at $4.25 1/4.
Crop Progress data from Monday afternoon showed some eastern and central states lagging behind, with IL and KY 12 percentage points behind normal and TN lagging by 1%. IA (-4%), MO (-3%), NC (-9%), and WI (-5%) were all behind the average planting pace.
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March export data from Census was released this morning, with corn exports totaling 7.34 MMT (289 mbu), which was a 21.7% increase from the Feb total and 24.54% above last year. That takes the marketing year total to 38.01 MMT (1.496 bbu). Exports of DDGs totaled 1.027 MMT, which was slightly below the year prior. Ethanol shipments were the largest in 7 years at 195.8 million gallons.
A couple of South Korean importers purchased a total of 332,000 MT of corn in private tenders overnight.
May 25 Corn closed at $4.47 1/2, up 1 cent,
Nearby Cash was $4.25 1/4, up 1 3/4 cents,
Jul 25 Corn closed at $4.55 1/2, up 1 1/4 cents,
Dec 25 Corn closed at $4.41 1/4, down 1 3/4 cents,
New Crop Cash was $4.00 5/8, down 2 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.
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