Corn Posts Contract Lows, Shrugging Off Slow Planting Progress

Corn futures settled Tuesday with 1 to 3 1/2 cent losses, as all 2019 contracts posted life of contracts lows. Forecasts for the next week should allow for some field work to pick up across parts of the Corn Belt. Spillover from soybeans was also seen as pressure. None of the 18 reported states were shown ahead of their average pace for planting in Monday’s Crop Progress report. Last year turned out OK on yield, so the market isn’t getting excited yet. The average US cash price for corn on Tuesday via cmdtyView data is $3.29 1/2, down 27 3/4 cents from last year. That would peg basis at -21 1/2 cents, 9 3/4 cents stronger than the same time in 2018.

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

Jul 19 Corn closed at $3.60 1/4, down 3 1/4 cents,

Sep 19 Corn closed at $3.68 1/4, down 2 3/4 cents

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

--provided by Brugler Marketing & Management

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