Corn Turns Positive on Slow Planting Pace

Corn futures are steady to 1 cent per bushel lower this morning. They ended Monday with most contracts 3 to 4 cents lower, as the 2019 contracts out to Sept hit contract lows. Losses in the wheat complex pressured the market, along with slow corn exports. Weekly data from USDA showed 1.353 MMT of corn shipped in the week of April 18. That was 14.33% larger wk/wk but still 22.15% below the same week last year. After the close USDA indicated that just 6% of the US corn crop was planted, on the low end of estimates. That is 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.

--provided by Brugler Marketing & Management




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