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. The CmdtyView national average Cash Corn price was up 4 cents on the day at $4.23 1/2. 

Grain Stocks from this morning showed 8.151 billion bushels of corn on hand as of March 1, which was 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.

This morning’s 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,

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

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

Dec 25 Corn  closed at $4.42, down 1/2 cent,

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