Midday action has corn futures heading lower, with contracts down anywhere from 3 to 4 cents across most of the front months
Crop Progress data from NASS pegged the US corn planting pace at 3% through Sunday. That was ahead of the 5-year average of 2% for this date and matched last year’s pace. By state, TX leads the way at 59% complete, with MO 7% finished and IL at 2%, all above normal.
Ahead of Thursday’s WASDE update from USDA, the trade is expecting to see the US carryout projection trimmed by ~63 mbu to an average estimate of 2.109 bbu. The range of estimates run from as low as 2.02 to 2.191 bbu.
May 24 Corn is at $4.32 1/4, down 3 1/4 cents,
Nearby Cash is at $4.13 1/1, down 3 1/8 cents,
Jul 24 Corn is at $4.43 3/4, down 3 3/4 cents,
Dec 24 Corn is at $4.69, down 4 cents,
New Crop Cash is at $4.31 1/2, down 4 1/8 cents,
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