Corn prices are experiencing minor losses on Tuesday, with futures down 2 to 3 cents in the front months, while open interest increased by 11,996 contracts, suggesting new selling interest. The CmdtyView national average cash corn price remains steady at $4.08 1/2.
As of May 31, 93% of the U.S. corn crop has been planted, 1% ahead of the normal pace, with emergence at 76%, which is 2% faster than average. The initial corn crop rating stands at 67% good/excellent, falling below the 70% predicted by analysts and marking a three-year low.
In April, 427.68 million bushels of corn were used for ethanol production, down 9.9% from March but up 1.05% year-over-year. Corn export shipments totaled 1.728 million metric tons during the week ending May 28, representing a 7.72% increase from the previous week and a 5.26% rise compared to the same week last year.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
