Corn Rallies into the Close

Austin Schroeder Barchart Mon May 19, 5:22PM CDT
Grilled corn on wood table by badmanproduction via iStock

Corn futures saw gains on Monday, as bulls were rallying into the close, with post 4 to 7 cent gains. The front month CmdtyView national average Cash Corn price was up 4 1/4 cents at $4.20 1/2.

Weekly Export Inspections data tallied corn shipments at 1.719 MMT (67.68 mbu) in the week that ended on May 15. That was back up 32.22% from the week prior and 39.06% above the same week last year. Mexico was the largest destination of 566,535 MT, with 269,983 MT headed to Japan. Other top destinations were Taiwan (144,804 MT), Colombia (144,800 MT), and South Korea (140,142 MT). Marketing year shipments are now 45.543 MMT (1.793 bbu), an increase of 29.21% from the same week last year.

Crop Progress data showed the US corn crop at 78% planted, in line with the trade average estimate. That is ahead of the 73% average pace and the 67% from last year. Emergence was listed at 50%, with the normal pace at 40%.  

Jul 25 Corn  closed at $4.47 1/2, up 4 cents,

Nearby Cash  was $4.20 1/2, up 4 1/4 cents,

Sep 25 Corn  closed at $4.28 1/4, up 6 3/4 cents,

Dec 25 Corn  closed at $4.41 3/4, up 6 1/4 cents,

New Crop Cash  was $4.00 1/2, up 6 1/2 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.