Corn futures are trading with 2 to 5 cent gains in most front months on Tuesday, as spillover support from the wheat market is supportive. The CmdtyView national average Cash Corn price is up 2 3/4 cents at $4.28 1/4.
NASS Crop Progress data showed the US corn crop at 25% planted as of Sunday, which was 6% ahead of the 5-year average pace of 19%. Of the major 18 states reported, just KS (-1% vs. average), MI (-1%), MO (-2%), NC (-5%), ND (-3%), and WI (-1%) were behind normal. Many of the top producing states were well ahead of normal with IL (+10% vs. average), IN (+20%), NE (+10%), and OH (+14%) all faster than average, with IA now on pace. The national crop was also 7% emerged, which is 3 percentage points faster than normal.
A South Korean importer purchased 60,000 MT of corn in a tender overnight. Taiwan issued a tender for 65,000 MT of corn, with offers due on Wednesday.
May 26 Corn is at $4.63, up 2 1/4 cents,
Nearby Cash is at $4.28 1/4, up 2 3/4 cents,
Jul 26 Corn is at $4.73 1/4, up 4 cents,
Dec 26 Corn is at $4.93 1/2, up 4 cents,
New Crop Cash is at $4.50 1/4, up 4 3/4 cents,
