Corn Closes Mixed on Monday
Alan Brugler - Barchart - Mon May 17, 9:36PM UTC
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Intramonth spread trading in corn futures widened the old to new crop inverse on Monday. Old crop futures were 8 3/4 cents stronger at the close, and new crop futures ended down by 3 1/2 to 5 1/2 cents. 

The weekly Crop Progress report from NASS showed 80% of expected corn area has been planted through 5/16. The average is for 68%, though the trade expectations were for a bit more progress. In IA 95% of corn fields were planted, compared to the states 81% average. Emergence in IA was reported at 52% compared to the 40% average. National emergence was reported at 41%, up from 20% last week and the 35% average. 

USDA announced large new crop corn export sales this morning, as private exporters sold 1.7 MMT to China and 128,000 MT to Mexico. USDA’s weekly Export Inspections report showed 1.892 MMT of corn was shipped through the week ending 5/13. That was up 10% wk/wk, and was 60% better than the same week last year. China was the top destination for the week’s export with 938k MT. The MYTD exports were reported at 47.055 MMT (1.852 bbu). 

Jul 21 Corn  closed at $6.52 1/2, up 8 3/4 cents,

Nearby Cash  was $6.67, up 8 7/8 cents,

Sep 21 Corn  closed at $5.66 1/2, up 3 1/2 cents,

Dec 21 Corn  closed at $5.37 1/4, down 5 1/2 cents,

New Crop Cash  was $5.12 1/1, down 5 1/2 cents,




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