Corn futures rose between 3 ¼ to 6 ½ cents on Tuesday, supported by a bullish wheat market, with the CmdtyView national average cash corn price increasing by 7 cents to $4.32 1/4. As of Sunday, the U.S. corn crop is 25% planted, which is 6% ahead of the five-year average of 19%. Major producing states like Illinois and Indiana are leading with 10% to 20% growth ahead of average planting rates.
Only a few states, including Kansas and Michigan, reported slower-than-average planting rates, while the national crop emergence stands at 7%, three percentage points faster than normal. Analysts will receive updated EIA data on Wednesday, expecting ethanol production to remain steady week-on-week.
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