Corn Popping Higher at Midday
Corn futures are getting some help via double digit gains in the wheat market, as contracts are up 5 to 6 cents at midday. The front month CmdtyView national average Cash Corn price is up 5 1/2 cents at $4.25 1/4.
Crop Progress data showed the US corn crop at 78% planted, in line with the trade average estimate. That is ahead of the 73% average pace and the 67% from last year. Areas that were lagging were IL (-3%), KY (-11%), OH (-12%) and TN (-3%). Emergence was listed at 50%, with the normal pace at 40%.
The next 7 data shows light coverage in parts of the WCB, lighter in NE and IA, with heavier totals in the East. That may delay some planting were it is already behind, with OH at 34% completed.
Jul 25 Corn is at $4.53, up 5 1/2 cents,
Nearby Cash is at $4.25 1/4, up 5 1/2 cents,
Sep 25 Corn is at $4.34 1/4, up 6 cents,
Dec 25 Corn is at $4.47 3/4, up 6 cents,
New Crop Cash is at $4.06 1/2, up 6 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.