Corn futures are strong coming back more than .30c from earlier month lows despite being ahead of planting schedule and nearly half of the national crop emerging. Corn futures are up .025c today currently trading at $3.995 per bushel at the Chicago Board of Trade.
The USDA reports 75% of the domestic corn crop planted which is 5% ahead of schedule for this time of year based on the current five-year average, and the states leading the planting of 18 states total are Minnesota (96% planted); Illinois & North Carolina ( both 92%); Tennessee (90%); and Iowa (89%). The states picking-up the lower average are Colorado (53%); Pennsylvania (64%); Indiana & North Dakota (both 68%); and Michigan & Ohio (both 71%).
“Corn plantings are coming along at a good pace – eleven percent better than just this time last week,” said Devin Brady, President of Progressive Trading Group in Sherman Oaks, CA, sharing his fundamental assessment of the corn futures market. Brady added, “Although not aware of current export numbers, with a thirty-cent rise from just last week we may be looking at a demand picture going into the summer months.”
The trend for corn futures has returned back “up” only yesterday. Corn futures do continue to trade within a range between $4.07 on the high-side and $3.51 on the low-side both established last month.
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