Corn futures experienced a decline on Tuesday, with contracts falling between 2.5 to 6 cents, led by new crop months. The CmdtyView national average cash corn price decreased by 3.25 cents, closing at $4.04.
As of May 31, 93% of the U.S. corn crop has been planted, surpassing the normal pace by 1 percentage point. However, only 76% of the crop has emerged, slightly ahead of the standard rate. Initial crop ratings stand at 67% good/excellent, underperforming against the 70% expectation from a Reuters survey, marking the third-lowest initial rating in 13 years.
Additionally, a couple of South Korean importers purchased between 120,000 to 136,000 metric tons of corn overnight, while NOAA forecasts less rain across much of the Western Corn Belt for the coming week.
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