Corn futures got off to a weaker start on Tuesday, but are trying to put in a turnaround with futures showing contracts with fractionally mixed action at midday.Â
Crop Progress data from Monday afternoon showed 91% of the US corn crop planted by June 2, 2% ahead of the five-year average pace. Emergence was tallied at 74%, a 1% lead on that average development pace.  The initial NASS crop rating was 75% gd/ex vs. the 64% from the same week last year. That is a 385 on the Brugler500 index, the best start to the year since the 391 in 2018. Compared to the same week last year, just CO, KY, TN, TX, and WI were seen to have worse ratings. NOAA’s 7-day QPF shows spotty precip totals for much of the Corn Belt.
Monday afternoon’s monthly Grain Crushing report showed 416.92 mbu of corn used for ethanol production during April. That was a 11.7% decline on the month but still up 0.69% from the same month in 2023.Â
Jul 24 Corn is at $4.43 1/2, unch,
Nearby Cash is at $4.24 1/4, up 5/8 cent,
Sep 24 Corn is at $4.49 1/2, up 1/4 cent,
Dec 24 Corn is at $4.63 1/4, up 1/2 cent,
New Crop Cash is at $4.26 5/8, up 5/8 cent,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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