Corn futures closed the Tuesday session with deferred contracts fractionally lower to down 5 2/4 cents in the nearbys. In delivery May was down 8 ¼ cents. The CmdtyView national average Cash Corn price was 6 cents lower on the day to $4.38. Crude oil was back down $3.74 on the day to apply slight pressure.
NASS Crop Progress data showed the US corn crop at 38% planted as of Sunday, which was 4% ahead of the 5-year average pace of 34% and is now matching the pace from last year. By state, CO (-1%), IA (-2%), KS (-1%), MI (-9%), MO (-6%), NC (-5%), ND (-5%), and WI (-5%) were reported as lagging behind. The crop was also 3% emerged, which is 4 percentage points faster than normal.
Much of the northern Plains stretching over to parts of IA and WI are expected to remain dry in the next week, allowing for planting progress to continue. Much of the country from MO stretching through the ECB to the East Coast and south is looking at 1 to 3 inches.
Monthly export data from Census showed a total of 8.03 MMT (316.2 mbu) of corn exported in March, the second largest on record for the month and 18.61% above February. Distillers exports were up 11.84% vs. a year ago at 1.029 MMT. Ethanol shipments were 217.77 million gallons, the second largest on record.
May 26 Corn closed at $4.65 1/2, down 8 1/4 cents,
Nearby Cash was $4.38, down 6 cents,
Jul 26 Corn closed at $4.80, down 5 3/4 cents,
Dec 26 Corn closed at $5.00 1/2, down 4 cents,
New Crop Cash was $4.57 5/8, down 4 1/2 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.