Corn Dec '10 (ZCZ10)
Corn Futures Market News and Commentary
Corn price action is fractionally to 2 cents lower so far on Tuesday morning. Futures posted losses of 2 to 3 cents in the front months, with a few deferred contracts fractionally to 1 ½ cents higher. Open interest was up 11,996 contracts on the day, implying new selling interest. The CmdtyView national average Cash Corn price was steady at $4.08 1/2.
NASS Crop Progress data showed 93% of the US corn crop planted as of May 31, 1 percentage point ahead of normal. Emergence was at 76% of the expected area, 2% faster than normal. The initial corn crop rating came in a 67% good/excellent, coming in below the 70% estimate from a Reuters survey of analysts and 2% below the year prior. That was a 371 rating on the Brugler500 index (100-500 point scale of the 5 USDA categories), which was a 3-year low and the third lowest initial rating in the last 13 years.
The monthly Grain Crushing report from NASS showed 427.68 mbu of corn used for ethanol production in April, a 9.9% drop f... Read more
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