Corn futures are pushing higher across the front months on Tuesday. Contracts are up 1 to 3 cents so far, extending the Monday strength.
Monday afternoon’s Crop Progress report showed planting progressing to 12% completed as of 4/21, 2% faster than the 5-year average pace and matching last year. Many of the notable states were above normal pace, with IN, ND, and OH actually below the average planting pace for this week. As far as the other major states, IA was 5% above average, with MO more than double the 21% average pace at 47% complete and both IL and NE 1% faster than normal.
Looking ahead, the next few days are expected to allow some planting pace to continue across the US. Later this week into the weekend we are expected to see widespread precip across much of US growing region. USDA also reported emergence at 3%, 1% ahead of normal.
May 24 Corn is at $4.42 1/2, up 2 3/4 cents,
Nearby Cash is at $4.27 7/8, up 2 3/4 cents,
Jul 24 Corn is at $4.52, up 2 1/4 cents,
Dec 24 Corn is at $4.74 1/4, up 1 3/4 cents,
New Crop Cash is at $4.38 1/4, up 2 1/4 cents,
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 Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
