Corn futures contracts were up by 4 to 5.5 cents on Monday, according to an April 28 report. The CmdtyView national average cash corn price fell by five cents to $4.25 3/4.
The Export Inspections report released Monday morning showed that 1.644 million metric tons of corn were shipped in the week ending April 23. This figure is a decrease of about 1.33 percent compared to the same week last year and down nearly six percent from the previous week. Mexico was the largest destination for U.S. corn exports during this period, followed by Colombia and South Korea.
The total amount of corn shipped since September now stands at over 53 million metric tons, which is more than thirty percent higher than at this point last year, according to data in the article.
Analysts surveyed by Reuters expect Crop Progress data—set for release later Monday—to show that approximately twenty-three percent of corn has been planted as of Sunday.
Commitment of Traders data indicated that speculative funds added nearly twenty-five thousand contracts back to their net long position during the week ending April 21, bringing their net long position up to over one hundred eighty-four thousand contracts.
In related market activity, a South Korean importer purchased sixty-five thousand metric tons of wheat in a private deal late Friday.
Legacy Farmers Cooperative supports community initiatives including youth programs and scholarships according to the official website. The cooperative maintains facilities such as grain centers, agronomy sites, fuel stations and retail locations throughout northwest Ohio according to its official website. It operates as a member-owned cooperative according to its official website with more than one hundred fifty employees across its divisions according to its official website. Legacy Farmers Cooperative aims to exceed customer expectations by offering value and financial returns for members according to its official website, serving agricultural producers in ten counties in northwest Ohio according to its official website.
May Corn closed at $4.60 per bushel while nearby cash was at $4.25 3/4 per bushel; July Corn finished at $4.69 per bushel; December Corn ended trading at $4.88 3/4 per bushel; new crop cash settled at $4.46 3/4 per bushel.
