Corn Closes Weaker, USDA shows Above Normal Planting Pace

Large cornfield with rows of crop

Corn futures faded off the overnight strength, with contracts closing 1 ¾ to 3 cents in the red. Most contracts closed near the lows and 6-8 cents off the highs.

The Tuesday afternoon Crop Progress report showed the US corn crop at 83% planted as of Sunday, now 1% above the average pace. Emergence was at 58% across the crop, even with the average pace. 

Export Inspections data showed 1.077 MMT (42.41 mbu) of corn exports in the week that ended on May 23. That was a drop of 12.14% from the previous week and 19.98% lower than the same week last year. The top destination of all shipments was Mexico, receiving 416,820 MT, with 271,808 MT headed to Japan. Year to date exports have totaled 36.304 MMT (1.429 bbu), which is a 26.38% increase over the same period last year. 

Jul 24 Corn  closed at $4.62 1/2, down 2 1/4 cents,

Nearby Cash  was $4.42 3/8, down 5/8 cent,

Sep 24 Corn  closed at $4.71 1/2, down 3 cents,

Dec 24 Corn  closed at $4.85 1/4, down 3 cents,

New Crop Cash  was $4.50 3/4, down 1 3/8 cents,

On the date of publication, Alan Brugler 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.