Corn Prices Remain Underpinned by U.S. Planting Delays and Ukraine Grain Unavailable for Export

Grain traders squared positions ahead of the Easter holiday weekend on Thursday. Corn prices fared the best up nearly 1% on a round of technical buying. Soybean contracts trended slightly higher while wheat prices fell significantly, with most contracts down 1.5% to 2.5% on profit-taking. Corn prices remain underpinned possible U.S. planting delays and Ukraine grain unavailable for export. May corn futures added 7.5 cents to $7.91, with July futures up 6.5 cents to $7.8450. Corn export shipments were 1% below the prior four-week average to 61.4 million bushels with China, Mexico, Japan, Colombia and Canada the top five destinations.

US Corn Field
Corn Crop

Corn Weekly Highlights

  • Old crop corn sales rose 70% week-over-week to 52.5 million bushels.
  • New crop sales added another 15.9 million bushels for a total of 68.4 million bushels.
  • Trade estimates, which ranged between 45.3 million and 98.4 million bushels.
  • Cumulative totals for the 2021/22 marketing year are running slightly behind last year’s pace, with 1.393 billion bushels.
Corn Futures Weekly via KnovaWave

Corn basis bids were steady to mixed Thursday, down as much as 6 cents at an Ohio elevator and firming as much as 5 cents at an Illinois ethanol plant today.

Corn Exports Week through April 15 2022 via USDA

Corn export shipments fell 1% below the prior four-week average to 61.4 million bushels. China, Mexico, Japan, Colombia and Canada were the top five destinations.

South Korea purchased 2.7 million bushels of animal feed corn from optional origins in an international tender that closed earlier today. The grain is for arrival around August 10.

Source: USDA, Farm Progress

From The TradersCommunity Research Desk