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May Corn finished down 1 at 629, 6 3/4 off the high and 2 1/2 up from the low. July Corn closed down 3/4 at 617 3/4. This was 2 3/4 up from the low and 7 off the high.
May corn traded higher on the day and the supportive trade was linked to a stronger tilt to the wheat market after a freeze threat was issued for the western plains this week. Export inspections added a negative bias to market direction midday after coming in at only 10.1 million bushels, down from 19.1 the week prior. Shipments needed each week to hit the USDA forecast are at 17.8 million bushels, up from 17.8 the week prior. The cumulative shipment pace is at 54% of the USDA export forecast vs. the 5 year average of 57%. Support was seen in calendar spreads with significant gains in the May/December and July/December. Basis at ethanol plants was steady to slightly lower with processors holding healthy supply pipelines in the short term. Soil moisture levels are expected to see a significant boost across the US Corn Belt this week but storm systems could also stall planting in areas of the northern Delta and lower Midwest. Heavy snow is expected in Nebraska, South Dakota, Minnesota, and Iowa while light rainfall scatters across areas of western KS. The late snowfall could create major flooding in the Red River Basin in the coming weeks which may delay planting to the north, although producers noted there is still plenty of time to plant their crops as long as the weather cooperates in late April and early May. The favorable precipitation outlook pressured the new crop contracts throughout the session.
May Rice finished down 0.17 at 15.495, 0.175 off the high and equal to the low.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.