Corn rounded out the Tuesday session with contracts up 1 ¾ to 5 cents across the board. Futures were helped out by spillover support from wheat and positive Export Sales data. 

USDA reported corn bookings of 1.3 MMT for the week of 4/18 in this mornings’ Export Sales report. That was a 10-week high and well above the trade range of estimates. Mexico was the top buyer of 390,500 MT, with 252,000 MT sold to South Korea and 233,200 MT to Japan. New crop sales totaled 262,282 MT in that week, with most of that purchased by Mexico.

On Wednesday, Nebraska’s governor Pillen signed a bill that includes a tax credit for production of SAF. The tax credit is 75 cents/gallon for SAF that meets a 50% reduction in greenhouse gasses compared to fossil based aviation fuel. The Biden Administration is reportedly set to release the updated GREET models next Tuesday, outlining how corn will fit in the future SAF. 

The Buenos Aires Grain Exchange dropped their Argentina corn condition by 3% to 17% good. Poor ratings were up 4% this week to 40%. Harvest was pegged at 60% complete.

May 24 Corn  closed at $4.41, up 3 1/4 cents,

Nearby Cash  was $4.26, up 3 5/8 cents,

Jul 24 Corn  closed at $4.52, up 3 1/2 cents,

Dec 24 Corn  closed at $4.76 1/4, up 3 1/2 cents,

New Crop Cash  was $4.40 3/4, up 3 1/2 cents,