Corn Futures Decline Amid Weak Trade and Weather Forecasts

Corn futures finished lower on Wednesday, with contracts dropping by 3 to 8.5 cents at the close. A lack of significant news combined with anticipated rains contributed to this bearish trend. The front-month CmdtyView national average Cash Corn price decreased by 8.5 cents to $4.25.

Following the market close, the weekly Crop Progress report revealed that 87% of the U.S. corn crop has been planted, just 2 percentage points above the five-year average. Several eastern states are falling behind: Illinois (-5%), Indiana (-3%), Kentucky (-12%), North Carolina (-2%), Ohio (-19%), Pennsylvania (-10%), and Tennessee (-5%) are all below their averages. Corn emergence stands at 67%, outpacing the 60% average.

The initial NASS ratings reported that 68% of the corn crop is in good or excellent condition, below the expected 73%. This rating corresponds to a Brugler500 index score of 374, which is 11 points lower than the same time last year.

Data from the EIA is set to be released on Thursday, delayed due to Monday’s holiday. Traders are interested to see if ethanol production can maintain its previous gains.

Jul 25 Corn closed at $4.51, down 8.5 cents.

Nearby Cash settled at $4.25, down 8.5 cents.

Sep 25 Corn closed at $4.29 3/4, down 4 cents.

Dec 25 Corn settled at $4.43 1/2, down 3 cents.

New Crop Cash was $4.02, down 2.5 cents.

On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information here is for informational purposes only. For further details, please view the Barchart Disclosure Policy here.

The views expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.