Corn is showing fractional to 1 ½ cent losses to start your Tuesday. Futures were up 3 to 6 ¾ cents on a combination of factors including damage to the Pivdennyi port facilities in Ukraine, and strong export inspections because Brazilian shipments will be limited between now and winter crop harvest in June-July.   

USDA’s Export Inspection report showed a MY high 1.623 MMT of corn shipped during the week that ended on April 18, a 19.95% increase from the week prior. That was 72.93% larger than the same week last year and the largest weekly total since May 2022. Of that total 624,300 MT was headed to Mexico, with 150,868 MT headed to Japan. Sizable totals were also headed to Taiwan (147,537 MT), South Korea (131,461 MT), Columbia (125,174 MT), China, (98,659 MT), Venezuela (94,388 MT). US accumulated shipments have totaled 30.327 MMT during the marketing year, 35.48% above last year.

Monday afternoon’s Crop Progress report showed planting progressing to 12% completed as of 4/21, 2% faster than the 5-year average pace and matching last year. Looking ahead, the next few days are expected to allow some planting pace to continue across the US. Later this week into the weekend we are expected to see widespread precip across much of US growing region. USDA also reported emergence at 3%, 1% ahead of normal.

May 24 Corn  closed at $4.39 3/4, up 6 1/4 cents, currently down 1 cents

Nearby Cash  was $4.24, up 6 1/2 cents,

Jul 24 Corn  closed at $4.49 3/4, up 6 3/4 cents, currently down 1 1/4 cents

Dec 24 Corn  closed at $4.72 1/2, up 6 1/4 cents, currently down 3/4 cents

New Crop Cash  was $4.36, up 6 1/2 cents,