Corn futures corrected from the sharp Monday gains on Tuesday, with contracts steady to 1 ¾ cents lower at the close. The CmdtyView national average Cash Corn price was down 1 ½ cents to $4.35.
NASS Crop Progress data showed the US corn crop at 76% planted as of Sunday, which was 6% ahead of the 5-year average pace of 70%. The only states to be behind average pace for planting are Kansas, Michigan, and North Carolina. The crop was also 39% emerged, which is 2 percentage points faster than normal.
A couple South Korean importers purchased a total of 135,000 MT of corn in separate tenders overnight.
Jul 26 Corn closed at $4.75 1/4, down 1 3/4 cents,
Nearby Cash was $4.35, down 1 1/2 cents,
Sep 26 Corn closed at $4.81 1/2, down 3/4 cent,
Dec 26 Corn closed at $4.97 3/4, down 1/4 cent,
New Crop Cash was $4.51 7/8, down 1/2 cent,
