Corn Futures Rise Following Wheat Market Gains Amid Planting Progress

Corn futures are experiencing increases, aided by double-digit gains in the wheat market. Contracts are trading up by 5 to 6 cents at midday. The front-month CmdtyView national average Cash Corn price has risen by 5 1/2 cents to $4.25 1/4.

US Corn Crop Progress Report

The latest Crop Progress data indicates that 78% of the US corn crop is now planted, aligning with trade average estimates. This marks an improvement over the 73% average pace and the 67% recorded last year. However, certain states are falling behind; Illinois is down 3%, Kentucky by 11%, Ohio by 12%, and Tennessee by 3%. It’s worth noting that emergence is at 50%, surpassing the normal pace of 40%.

Weather Impacts on Planting

The upcoming week shows light precipitation in parts of the Western Corn Belt (WCB), with less coverage expected in Nebraska and Iowa, while heavier totals are anticipated in the Eastern regions. This weather pattern might further delay planting efforts where progress is already lagging, particularly in Ohio, which is currently 34% completed.

Current Futures Prices

July 25 Corn: $4.53, up 5 1/2 cents

Nearby Cash: $4.25 1/4, up 5 1/2 cents

September 25 Corn: $4.34 1/4, up 6 cents

December 25 Corn: $4.47 3/4, up 6 cents

New Crop Cash: $4.06 1/2, up 6 cents

On the date of publication, Austin Schroeder did not hold positions in any of the securities mentioned in this article. All information and data in this article is provided solely for informational purposes. For further information, please refer to the Barchart Disclosure Policy.

More news from Barchart

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