Corn futures are trading with Tuesday morning strength of 3 to 6 cents so far. The corn market closed the Monday session with front months up 3 ¼ to 4 cents. Larger than expected acres weighed on new crop, with contracts steady to ¾ cent lower. Preliminary open interest was up 35,432 contracts across the board, with a heavy dose in the July contract. The CmdtyView national average Cash Corn price was up 4 cents on the day at $4.23 1/2. 

Monday’s quarterly Grain Stocks report showed 8.151 billion bushels of corn on hand as of March 1, in line with trade estimates. That was also down 201 mbu from the same time last year. Corn acreage was tallied at 95.326 million acres according to the NASS survey of producer intentions, which is above the 94.4 million acre estimate but within the range of estimates. If realized that would be a 4.732 million acre increase yr/yr.

The Monday morning Export Inspections report showed 1.644 MMT (63.6 mbu) of corn shipped during the week that ended on March 27. That was a 4.97% hike from the previous week and 9.67% larger than the week prior. Mexico was the top destination of 407,009 MT, with 296,192 MT headed for Japan, and 271,656 MT on its way to South Korea. Marketing year to date exports have totaled 33.957 MMT (1.337 bbu), which is up 31.02% from the same period last year. 

May 25 Corn  closed at $4.57 1/4, up 4 cents, currently up 4 3/4 cents

Nearby Cash  was $4.23 1/2, up 4 cents,

Jul 25 Corn  closed at $4.63 1/4, up 3 1/4 cents, currently up 5 3/4 cents

Dec 25 Corn  closed at $4.42, down 1/2 cent, currently up 3 3/4 cents

New Crop Cash  was $4.03 5/8, down 3 cents,