Corn in Pull Back Mode

Corn futures are pulling back at midday on Friday, with futures down 5 to 11 ¼ cents so far on the day.

USDA’s WASDE did show some bull friendly numbers on Thursday. However, traders are looking at a drier 7-day QPF, which should allow planting progress to catch up on the lag. Much of the Western Corn Belt has less than half an inch expected, with the ECB seen at around an inch over the next week. USDA did note the lag in planting progress as a reason for the 177 bpa yield, below the weather adjusted trend yield from back in February. 

Following the Export Sales report on Thursday morning, US corn export commitments are now 92% of the USDA forecast, 2% below normal. Actual exports are 65% of that number, even with normal. USDA did leave their projection unch on Thursday, at 2.5 bbu. 

May 22 Corn  is at $8.08, down 5 1/2 cents,

Nearby Cash  is at $7.69 1/4, down 10 1/2 cents,

Jul 22 Corn  is at $7.80 1/4, down 11 1/4 cents,

Dec 22 Corn  is at $7.47, down 6 cents,

New Crop Cash  is at $7.33 5/8, down 6 1/2 cents,