The corn market is showing a gradual recovery as we see price increases of 1 to 3 cents on Tuesday morning. On Monday, futures rose between 3 to 5 cents for nearby contracts. However, new crop futures lacked momentum, with December contracts declining by ¾ cent. Preliminary open interest has dropped by 41,570 contracts, primarily due to the May contracts being liquidated. The average cash corn price across the United States, as reported by CmdtyView, has increased by 4 ½ cents to $4.35 ½.
In political news, President Trump has instructed Treasury Secretary Bessent and USTR Greer to initiate trade talks with Japan.
A key update from the U.S. Department of Agriculture (USDA) through its National Agricultural Statistics Service (NASS) revealed that by April 6, only 2% of the U.S. corn crop had been planted. This is consistent with the five-year average but slightly lags behind the same timeframe in 2024.
In terms of export activities, the recent Weekly Export Inspections report indicated that corn shipments reached 1.583 million metric tons (MMT) or 62.3 million bushels in the week ending April 3. This figure reflects a 3.89% decrease compared to the previous week, although it is an 8.04% increase from the same week last year. The primary destination for U.S. corn exports was Mexico, receiving 480,801 MT, followed by Japan with 383,994 MT, South Korea with 194,246 MT, and Colombia with 162,845 MT. Cumulatively, corn shipments for the marketing year are at 35.582 MMT, representing a significant rise of 29.95% compared to the same week last year.
As for the latest prices, the May 25 corn contract closed at $4.64 ½, up 4 ¼ cents, while it is currently trading 1 ½ cents higher. The nearby cash price is reported at $4.35 ½, reflecting an increase of 4 ½ cents. Similarly, the July 25 corn contract finished at $4.70 ¾, gaining 3 ½ cents and is currently priced up by 2 ¼ cents. In contrast, the December 25 corn contract closed at $4.46, down by ¾ cent, but it is currently climbing up by 2 ¾ cents. New crop cash prices have decreased slightly by ¼ cent to $4.10 5/8.
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