Corn futures closed the Tuesday trading session lower, with contracts declining 2½ to 6 cents across all active contracts, particularly pressuring the new crop months. The CmdtyView national average Cash Corn price fell 3¼ cents to $4.04½.
The USDA’s NASS Crop Progress report revealed 93% of the U.S. corn crop had been planted as of May 31, maintaining a 1 percentage point lead over the 5-year average. Emergence reached 76% of expected area, 2% ahead of normal pace. However, the initial corn crop condition rating came in at 67% good/excellent, falling short of the 70% consensus estimate from Reuters and declining 2% from the previous year. This resulted in a Brugler500 index score of 371—the lowest initial rating in three years and the third-lowest in the past 13 years, with Ohio at 340 and Iowa at 399.
The 7-day NOAA forecast indicates ½ inch of rainfall across much of the Western Corn Belt west of the Mississippi River, while areas east of the river are projected to receive less than an inch, except northern Illinois and Wisconsin.
In international trade developments, South Korean importers submitted tenders overnight for an estimated 120,000 to 136,000 metric tons of corn.
July corn closed at $4.40½, down 3½ cents; nearby cash was $4.04½, down 3¼ cents; September corn closed at $4.48, down 4¾ cents; December corn closed at $4.66½, down 6 cents; and new crop cash was $4.19¾, down 5 cents.
