At the close for the Monday session, front month corn futures were 20 to 27 1/4 cents lower. New crop prices were weaker, as December closed 4.28% lower. 

US corn was reported at 67% planted as of 5/9. That was a pace of 21 percent points over the week, and is now 15 percentage points ahead of the 5-yr average. NASS reported emergence at 20%, which is 1 ppt above the average. In IL 35% of corn was emerged as of 5/2, compared to the 28% average. In NE and TX corn emergence is behind average at 12% and 58% respectively. 

For milo, USDA reported 22% of fields were planted by 5/9. That is only up from 20% complete last week. TX is 68% finished planting sorghum, but the average is 76%. 

Export Sales activity announced this morning under the mandatory reporting system showed China had canceled 280k MT of old crop purchases but bought 1.02 MMT of corn for 21/22 delivery. 

USDA reported 1.707 MMT (67.21 mbu) of corn was exported during the week ending May 6th. That was up 21% from the same week last year, but down 23% wk/wk. China was the top destination with 342,056 MT, but Japan was also shipped 334k MT. Accumulated corn exports through 5/6 were up to 45.154 MMT (1.778 bbu). 

China’s Grain and Oilseeds Info Center sees 21/22 imports falling back to 20 MMT – citing increased planted area. That is 5 MMT above USDA’s Ag Attache preliminary estimate. Ag Rural cut their projection for Brazil’s corn output to 95.5 MMT, down from 103.4 MMT forecasted last month. 

May 21 Corn  closed at $7.48, down 24 3/4 cents,

Jul 21 Corn  closed at $7.11 3/4, down 20 1/2 cents,

Nearby Cash  was $7.26 1/3, down 20 3/8 cents,

Dec 21 Corn  closed at $6.09 1/4, down 27 1/4 cents,

New Crop Cash  was $5.84, down 27 1/8 cents,