Corn futures rose by 3 to 4 cents on Tuesday, with the CmdtyView national average cash corn price increasing to $4.38 3/4. This came despite the USDA’s May WASDE report forecasting a 15 million bushel rise in U.S. ending stocks to 2.142 billion bushels, attributed to a decrease in ethanol usage.
USDA also raised Brazil’s corn production by 3 million metric tons to 135 million metric tons and Argentina’s by 7 million metric tons to 59 million metric tons. Global ending stocks for the old crop increased by 2.14 million metric tons to 296.95 million metric tons, while new crop carryout was set at 277.54 million metric tons.
As of Sunday, 57% of the U.S. corn crop was planted, surpassing the five-year average of 52%, with 23% emerged, four percentage points ahead of average.
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