Corn futures closed Tuesday with slight gains, up 4 to 5 cents, supported by a rally in the wheat market. The national average Cash Corn price increased by 5 cents, reaching $4.39.
The May WASDE report revealed a 15 million bushel increase in US ending stocks projection to 2.142 billion bushels, following a cut to ethanol use by the same amount. Additionally, the World Ag Outlook Board’s first balance sheet for the 2026/27 season indicated an ending stocks forecast of 1.957 billion bushels and a production estimate of 15.995 billion bushels with a yield of 183 bushels per acre.
As of Sunday, the NASS Crop Progress report showed 57% of the US corn crop planted, surpassing the 5-year average of 52%. The crop is 23% emerged, four percentage points ahead of the normal pace, while Brazil’s production forecast rose to 135 million metric tons and Argentina’s to 59 million metric tons.
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