Corn is posting 2 to 4 cent early losses so far early on Tuesday. Futures closed Monday trade with fractional gains, as contracts were pulled higher out of the early session weakness. Preliminary open interest on Monday was up 237 contracts, showing a rotation of ownership. The CmdtyView national average Cash Corn price was up 1/2 cents at $4.29 ¼. 

Monday morning’s Export Inspections report showed a total of 1.463 MMT (57.6 mbu) in corn shipments during the week that ended on March 20. That was a 16.57% increase from the same week last year but down 13.54% from last week. Mexico was the top destination of 474,491 MT, with 412,434 MT headed for Japan, and 136,336 MT on its way to South Korea. Marketing year to date exports have totaled 32.268 MMT (1.27 bbu), which is up 32% from the same period last year. 

With the second crop corn in Brazil just finishing off planting, AgRural estimates the safrinha crop at 87.9 MMT. That is steady with their prior number, though they did issue concerns due to irregular rainfall. They raised the overall crop by 0.6 MMT to 121.8 MMT.

May 25 Corn  closed at $4.64 1/2, up 1/4 cent, currently down 3 1/2 cents

Nearby Cash  was $4.29 1/4, up 1/2 cent,

Jul 25 Corn  closed at $4.72, up 1/2 cent, currently down 3 1/2 cents

Dec 25 Corn  closed at $4.51 1/2, up 1/2 cent, currently down 2 1/2 cents

New Crop Cash  was $4.14 1/8, up 1/2 cent,