Corn futures were 4 to 5 cents lower on the session. The CmdtyView national average Cash Corn price was down 4 3/4 cents at $4.10 1/2. Crude oil was down $2.03 on the day after late reports that the US and Iran were reviewing a Pakistan proposed 2-week ceasefire ahead of Tuesday nights deadline. Corn longs were likely taking some risk off the table heading into the evening.
Ahead of the Thursday WASDE update, analysts surveyed by Bloomberg are looking for a slight increase (3mbu) from March to 2.13 bbu for the US carryout projection.
Monday’s Crop Progress report showed the US corn crop at 3% planted, which was ahead of the 2% average over the last 5 years. All states reporting progress were ahead of normal.
EIA data will be released on Wednesday, with analysts expecting to show a bounce back in ethanol production from the week prior.
Brazil’s corn export total in March totaled 983,029 MT according to trade data, which was up 12.82% from last year but down 36.67% from February.
May 26 Corn closed at $4.49, down 5 cents,
Nearby Cash was $4.10 1/2, down 4 3/4 cents,
Jul 26 Corn closed at $4.60, down 5 1/4 cents,
Dec 26 Corn closed at $4.78, down 5 cents,
New Crop Cash was $4.35 3/8, down 5 cents,
