Corn futures closed out the Wednesday session with weaker trade, as contracts were down 3 to 8 ½ cents at the close. A light news day and rains in the forecast added to some bearish movement. The front month CmdtyView national average Cash Corn price was down 8 1/2 cent at $4.25.
After the close, the weekly Crop Progress report showed the US corn crop at 87% planted, now just 2 percentage points ahead of the 5-year average. Some of the eastern states were lagging behind, with IL (-5%), IN (-3%), KY (-12%), NC (-2%), OH (-19%), PA (-10%), and TN (-5%) were all below the 5-year average. Emergence was tallied at 67%, ahead of the 60% average.
The first NASS ratings of the year showed 68% of the crop good or excellent, below estimates of 73%. That translates to a 374 score on the Brugler500 index (100-500 point scale), which is 11 points below the initial rating last year.
EIA data is delayed until Thursday due to Monday’s holiday, with traders looking see if ethanol production can hold its resurgence from the week prior.
Jul 25 Corn closed at $4.51, down 8 1/2 cents,
Nearby Cash was $4.25 1/1, down 8 1/2 cents,
Sep 25 Corn closed at $4.29 3/4, down 4 cents,
Dec 25 Corn closed at $4.43 1/2, down 3 cents,
New Crop Cash was $4.02, down 2 1/2 cents,
