Midweek corn trading has started with futures mostly higher overnight, and with prices at their highs for the day session with 2 to 3 cent gains. The old crop corn prices were down by 8 to 9 cents in the red on Tuesday. That has May at a net 15 ½ cent loss for the week’s move. New crop prices were also weaker on the day, but closed 5 to 6 ¾ cents weaker. Dec is at a net 9 ¾ cent loss for the week through the first two sessions. Preliminary open interest shows the expected long liquidation, down 7,512 contracts on Tuesday. 

Wire reports indicated that China was encouraging importers to slow receipts of corn in order to support the domestic market during planting and not discourage acreage. China is also expanding planting of higher yielding GMO varieties in 2024. Dalian Corn Prices have been under pressure for most of the past two years, and dropped 90 yuan from late February (2,497 yuan/MT) to March 27 (2,407 yuan/MT). Since, the word of the informal import restrictions have popped prices back up by 43 yuan/MT (~15 cents/bu) to 2,455 (~$8.62/bu).   

On April 1, NASS reported the Feb corn grind for US ethanol at 441.5 mbu. That was up 11% from last year on one processing extra day for the month (Leap Year). 

Safras and Mercado reported Brazil’s 2nd crop corn was 99.6% planted as of 3/28. 

Wire sources showed Taiwan booked 65k MT of corn, likely to be Argentinian. 

May 24 Corn  is at $4.26 1/2, down 9 cents, currently up 3 cents

Nearby Cash   is at $4.07 7/8, down 8 5/8 cents,

Jul 24 Corn  is at $4.41, down 8 1/4 cents, currently up 2 3/4 cents

Dec 24 Corn  is at $4.68, down 6 3/4 cents, currently up 2 1/4 cents