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Corn Holds onto Losses into the Monday Close
Corn futures failed to get back above 0 by the close, as contracts were down 2 to 6 cents across most contracts on Monday weakness. The nearby CmdtyView national average Cash Corn price was down 2 1/4 cents at $4.49 1/2. Spillover pressure came from the wheat market. Weekly Export Inspections data tallied corn shipments at 1.654MMT (65.14 mbu) in the week that ended on April 24. That was down 4.16% from the week prior but 27.44% above the same week last year. Mexico was the largest destination of 533,791 MT, with 376,788 MT headed to Japan, and just 211,129 MT to Colombia. Marketing year corn shipments are now 40.90 MMT (1.609 bbu), an increase of 28.98% from the same week last year. Crop Progress data from this afternoon showed the US corn crop at 24% planted as of April 27, which is ahead of the 5-year average at 22% for that date. Emergence was pegged at 5%, 1 percentage point ahead of normal. May 25 Corn closed at $4.75 1/2, down 3 1/4 cents, Nearby Cash was $4.49 1/2, down 2 1/4 cents, Jul 25 Corn closed at $4.83 1/4, down 2 1/4 cents, Dec 25 Corn closed at $4.50 1/4, down 5 1/2 cents, New Crop Cash was $4.13, down 5 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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