Corn Futures Add to Tuesday Gains
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Overnight, corn futures advanced another 5 to 8 cents. Yesterday futures closed with old crop gains of 10 to 11 cents. New crop corn was 7 3/4 to 8 cents higher at the close. Preliminary open interest shows new net buying interest, rising 12,918 contracts. Basis has continued to tighten, both for old crop and new crop delivery. cmdtyView data shows the national average spot basis is about 11 cents under May. New crop basis is 27 1/2 cents under December futures, but compares to minus 34 cents at this time last year.

Cooler than normal temps over the next two weeks are expected to slow planting progress in some areas because soil temps aren’t reaching the level needed for germination. Countering that idea are generally dry conditions that favor rapid planting progress for those who can go.  

Chinese Customs data shows March corn imports totaled 6.73 MMT, which was more than a 500% increase yr/yr.

May 21 Corn  closed at $5.80, up 11 cents; and another 8 1/2 higher this morning,

Jul 21 Corn  closed at $5.66 1/2, up 10 1/2 cents; adding 8 1/4 this morning

Nearby Cash was $5.69 1/3 yesterday, up 11 1/4 cents,

Dec 21 Corn  closed at $5.04 1/4, up 7 3/4 cents; and up 5 1/2 this morning

New Crop Cash  was $4.76 ¾ yesterday, up 7 3/4 cents,




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