Corn Continues to See Negative Pressure, Shrugging Off Slow Planting

Corn futures are trading 2 to 3 1/2 cents lower on Tuesday. Forecasts for the next week should allow for some field work to pick up across parts of the Corn Belt. Spillover from soybeans and a weaker ethanol market are also seen as pressure at midday. After the close on Monday, USDA indicated that just 6% of the US corn crop was planted, on the low end of estimates. None of the 18 reported states were shown ahead of their average. That 6% complete was just half of the average pace for this date but 1% faster than last year. Last year turned out OK on yield, so the market isn’t getting excited yet.

May 19 Corn closed at $3.51 1/4, down 3 1/2 cents,

Jul 19 Corn closed at $3.60 1/2, down 3 cents,

Sep 19 Corn closed at $3.68, down 3 cents

Dec 19 Corn closed at $3.79 3/4, down 2 3/4 cents

--provided by Brugler Marketing & Management

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