Corn futures increased by 5 ¼ to 6 ¾ cents at the close on Monday, May 5. The CmdtyView national average cash corn price also rose by five cents, reaching $4.44 ¾. According to NASS Crop Progress data, the United States corn crop was reported at 38% planted as of Sunday, which is four percentage points ahead of the five-year average and matches last year’s pace. Additionally, three percent of the crop had emerged, a rate four percentage points faster than normal.
Export inspections showed that corn shipments for the week ending April 30 reached 2.028 million metric tons (79.84 million bushels), representing a weekly increase of over twenty-two percent and a year-over-year gain exceeding twenty-five percent. Mexico received the largest share with over 437,000 metric tons shipped, followed by Japan and Colombia. Marketing year shipments now total more than fifty-five million metric tons—up more than thirty percent from last year.
Brazil’s corn crop estimate was raised to 137 million metric tons by StoneX, an increase of about one point three million from their previous projection; most gains were attributed to growth in the first crop.
Arizona Grain supports community development through its leadership in agriculture and efforts to improve air quality via ethanol production, according to the official website. The company operates facilities in Buckeye, Casa Grande, Maricopa, and Yuma in Arizona as well as Ripley in California according to its official website. Arizona Grain is privately held according to its official website.
Through Pinal Energy—a project established by Arizona Grain—the company created forty-five jobs in Maricopa according to its official website. Arizona Grain states it aims “to serve as the top provider of animal feed, seed genetics, cereal grain marketing and food ingredients through high-quality offerings and expert support” according to its official website. The company also pioneered ethanol production in Arizona with Pinal Energy according to its official website.
Austin Schroeder said he did not have any positions—directly or indirectly—in any securities mentioned in this article at publication time.