Corn Futures PricesMonday, May 21st, 2012

Corn futures are trading a few cents higher in old crop and a dime higher in the new crop. They were up 55 cents per bushel last week in the old crop July. The main story last week was the rally in wheat, which takes it out of the feed rations and places more reliance on corn. The weekly CFTC report showed Managed Money had decreased their net corn long by 34,656 contracts as of last Tuesday. Early corn pollination may be struggling in the southern states that are experiencing above normal temperatures & depleted soil moisture. Forecasts show little chance for meaningful beneficial rains at this point. Export inspections released this morning were 23.26 Mbu vs. 27.63 Mbu last week and 36.07 Mbu the same week last year. China took nearly 3Mbu. USDA will release the first crop condition ratings of the year this afternoon.
Jul 12 Corn is at $6.38 1/2, up 3 cents,
Sep 12 Corn is at $5.57, up 10 1/2 cents,
Dec 12 Corn is at $5.47 1/2, up 10 1/2 cents
Dec 12 Corn is at $5.47 1/2, up 10 1/2 cents