Corn Falling on Tuesday

Corn futures are falling back on Tuesday with contracts down 4 to 7 cents at midday. The front month CmdtyView national average Cash Corn price is down 4 ½ cents so far at $4.50. 

Crop Progress data from Monday afternoon showed the US corn crop at 12% planted as of April 20, which is ahead of the 5-year average at 10% for that date. Of the 18 major states NASS reports on, IL, IN, KY, NC, TN and WI were all reported below the 5-year average pace. IA planting was 18% complete (7% on average), with NE at 8% (vs. 5%). Emergence was pegged at 2%, in line with normal.

While planting is ahead of schedule, rains from the last few days, and a wet forecast for the next week from the Plains to the Mississippi River may slow that this week.

Export Inspections data showed a total of 1.702 MMT (67.04 mbu) of corn shipped during the week of April 17. Marketing year exports have totaled 39.22 MMT (1.544 bbu) since September 1, which is 28.97% above the same period last year. 

May 25 Corn is at $4.77 1/4, down 4 1/2 cents,

Nearby Cash is at $4.50, down 4 1/2 cents,

Jul 25 Corn is at $4.84 3/4, down 5 1/4 cents,

Dec 25 Corn is at $4.58 1/4, down 6 1/4 cents,

New Crop Cash is at $4.22 1/4, down 6 1/2 cents,

More news from Barchart

• The Soybean Market Is Demonstrating Resilience. Here Are the Levels to Watch Before You Buy July Soybean Futures.
• July Soft Red Winter Wheat Prices May Have Found a Bottom. Here Are the Levels to Watch Before You Buy.
• Cotton Prices Have Bottomed, But Fundamentals Need to Improve for a Sustained Price Uptrend
• July Corn Futures Hit a 2-Week High Today and More Gains Could Be Just Around the Corner