We kicked off the day with Building Permits, Building Permits MoM Prel, Housing Starts, and Housing Starts MoM at 7:30 A.M., Redbook YoY at 7:55 A.M., 52-Week Bill Auction at 10:30 A.M., Fed Bowman Speech at 12:00 P.M., and API Energy Stocks at 3:30 P.M.

Photo by Waldemar on Unsplash

On the Corn Front the May corn settled 10 ¼ cents higher in yesterday’s action based on corn Export Intentions being higher and brought the 2023 exports slightly more in line with 2022. The May premium widened to 34 cents to July and 109 ¾ to December. Weekly Crop Progress data from NASS showed a 5% advancement to 8% planted for 2023/24 corn crop. The five-year average is 5% planted. Missouri advanced the most from 7% last week to 30% planted as of 4/16they would be 8% on average. The report showed 15% of the national milo crop planted as of 4/16 up 13% last week and 2% behind average. Texas was 51% planted. NOAA’s 7-day QPF has rain in the Eastern Corn Belt from 2 inches in Wisconsin to 1 inch for Ohio. Moat of the accumulation will be between the Missouri and Mississippi Rivers. Friday’s CFTC report showed funds were net buyers of 5,565 contracts of corn extending their net long positions to over 27 thousand contracts. In the overnight electronic session the May corn is currently trading at 675 ¼ which is 1 ¼ of a cent lower. The trading range has been 682 ½ to 675.

On the Ethanol Front an explosion reported at green plains ethanol plant in Wood River, Nebraska, killing one person and injuring four. The explosion happened during routine maintenance and repairs on a whole stillage tank. Last week, fire crews responded to a fire at the ethanol plant containingand putting it out on Friday. The fire caused nearly $3 million dollars in damages. There were no trades or open interest in ethanol futures.

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