Corn futures are trading with 2 to 5 cent gains in most front months on Tuesday, as spillover support from the wheat market is supportive. The CmdtyView national average Cash Corn price is up 2 3/4 cents at $4.28 1/4.
NASS Crop Progress data showed the US corn crop at 25% planted as of Sunday, which was 6% ahead of the 5-year average pace of 19%. Of the major 18 states reported, just KS (-1% vs. average), MI (-1%), MO (-2%), NC (-5%), ND (-3%), and WI (-1%) were behind normal. Many of the top producing states were well ahead of normal with IL (+10% vs. average), IN (+20%), NE (+10%), and OH (+14%) all faster than average, with IA now on pace. The national crop was also 7% emerged, which is 3 percentage points faster than normal.
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A South Korean importer purchased 60,000 MT of corn in a tender overnight. Taiwan issued a tender for 65,000 MT of corn, with offers due on Wednesday.
May 26 Corn is at $4.63, up 2 1/4 cents,
Nearby Cash is at $4.28 1/4, up 2 3/4 cents,
Jul 26 Corn is at $4.73 1/4, up 4 cents,
Dec 26 Corn is at $4.93 1/2, up 4 cents,
New Crop Cash is at $4.50 1/4, up 4 3/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
