As of Wednesday, corn prices increased by 1 to 2.5 cents in early trading, following a Tuesday close with contracts rising 3.25 to 6.5 cents higher. The CmdtyView national average cash corn price is currently $4.32 1/4, marking a 7-cent uptick. Open interest rose by 6,779 contracts, indicating new buying interest despite 53,411 contracts exiting ahead of May’s first notice day.
According to NASS Crop Progress data, the U.S. corn crop is 25% planted as of Sunday, surpassing the 5-year average by 6%. Notable states like Illinois and Indiana are significantly ahead of average planting rates, with Illinois showing a 10% increase and Indiana a 20% increase. Additionally, 7% of the national crop has emerged, which is 3% faster than normal. In the global market, Taiwan has purchased 65,000 MT of corn from the U.S.
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