Corn futures ended the Tuesday session with contracts down 6 to 7 cents. New crop December was down 6 ½ cents, as they try not to bid up for too many acres with current new crop soybean/corn ratio at 2.24. The front month CmdtyView national average Cash Corn price was down 6 cents at $4.48 1/2.
Crop Progress data from Monday afternoon showed planting progress in IL, IN, KY, NC, TN and WI were all reported below the 5-year average pace. IA planting was 18% complete (7% on average), with NE at 8% (vs. 5%), as the national level was still 2 percentage points ahead of normal. Emergence was pegged at 2%, in line with normal.
While planting is ahead of schedule, rains from the last few days, and a wet forecast for the next week from the Plains to the Mississippi River may slow some of that this week.
Growing conditions in Brazil have improved recently. Dr Michael Cordonnier increased his projection for the Brazilian corn number by 3 MMT to 125 MMT. Expected Argentina output was also raised by 2 MMT to 48 MMT,
May 25 Corn closed at $4.75 3/4, down 6 cents,
Nearby Cash was $4.48 1/2, down 6 cents,
Jul 25 Corn closed at $4.83 1/4, down 6 3/4 cents,
Dec 25 Corn closed at $4.58, down 6 1/2 cents,
New Crop Cash was $4.22 1/8, down 6 3/4 cents,
