Corn futures are holding onto midday gains so far on Monday, with a friendlier than expected USDA report. Contracts are 2 to 5 cents higher. There were 12 deliveries issued against May on Friday night. They expire on Wednesday. The nearby CmdtyView national average Cash Corn price is us 2 3/4 cents at $4.23. 

Export Inspections data showed a total of 1.22 MMT (48.19 mbu) of corn shipped during the week of May 8. That was a drop of 24.29% from the previous week but 21.85% above the same week last year. Japan was the largest destination of 370,450 MT, with 357,162 MT headed to Mexico and 271,068 MT to South Korea. Marketing year exports have totaled 43.748 MMT (1.772 bbu) since September 1, which is 28.63% above the same period last year. 

USDA gave us updated corn balance sheets this morning, with old crop down 50 mbu to 1.415 bbu, on an equal increase to exports. With the first release of the new crop data, USDA kept the March Prospective Planting number (95.3 million acres) and a trend yield of 181 bushel/acre to get a 15.82 bbu corn production total. The new crop stocks projection was tallied at 1.8 billion bushel, well below the average trade estimate.  

Argentina corn production was unchanged from last month at 50 MMT, while Brazil’s output was raised by 4 MMT to 130 MMT. World ending stocks for 2024/25 were down 0.36 MMT to 287.29 MMT, while new crop was tallied at 277.84 MMT. 

Crop Progress data will be released this afternoon, with most expecting to see corn planting across the country at 58% complete. 

May 25 Corn is at $4.44, up 2 1/2 cents,

Nearby Cash is at $4.23, up 2 3/4 cents,

Jul 25 Corn is at $4.52 1/2, up 2 3/4 cents,

Dec 25 Corn is at $4.47 1/2, up 5 1/2 cents,

New Crop Cash is at $4.05 1/1, up 5 1/4 cents,