Corn Futures Decline Amidst Favorable Planting Progress and Rainy Forecasts
Corn futures slipped on Tuesday, with contracts down between 4 to 7 cents by midday. The front month CmdtyView national average Cash Corn price has decreased by 4 ½ cents to $4.50.
Current Planting Progress and Export Data
The Crop Progress report released on Monday indicated that the U.S. corn crop is 12% planted as of April 20, surpassing the 5-year average of 10% for this date. However, several of the 18 major states reported by NASS, including Illinois, Indiana, Kentucky, North Carolina, Tennessee, and Wisconsin, fell below the 5-year average pace. In contrast, Iowa has completed 18% of its planting—well above the 7% average—while Nebraska reports 8% complete, compared to the 5% average.
As of now, emergence stands at 2%, which aligns with typical rates for this time of year. While planting is currently ahead of schedule, recent rains and a forecast indicating more wet weather over the next week, affecting regions from the Plains to the Mississippi River, may hinder planting activities.
Export Inspections Highlight Strong Demand
According to the Export Inspections data, a total of 1.702 million metric tons (67.04 million bushels) of corn were shipped during the week ending April 17. Cumulatively, marketing year exports since September 1 have reached 39.22 million metric tons (1.544 billion bushels), marking an increase of 28.97% compared to the previous year.
Current Corn Futures Prices
May 25 Corn is priced at $4.77 1/4, down 4 1/2 cents.
Nearby Cash is at $4.50, down 4 1/2 cents.
Jul 25 Corn is trading at $4.84 3/4, down 5 1/4 cents.
Dec 25 Corn stands at $4.58 1/4, down 6 1/4 cents.
New Crop Cash is at $4.22 1/4, down 6 1/2 cents.
On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information and data are intended for informational purposes only. For further details, please visit the Barchart Disclosure Policy
here.
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