Corn Double Digits Higher After Planting Delay Confirmation

Corn futures are trading 11 to 13 cents higher in the front months, with deferred contracts up 5 to 10 cents. May futures expire today. After the Monday close, NASS reported the US corn crop was 30% planted as of Sunday. That was shy of most estimates and 36% below the average pace. IL is 71% behind normal at just 11%, with IN 51% below their average @ 6% and OH at 4% complete. NE was 46% planted, with IA at 48% both lagging normal. Forecasts on the 7-day QPF show precip in the WCB, with minimal amounts in the ECB, which may allow for some planting (if soils can dry out). The 6-10 day outlook looks wetter than normal for most of the Corn Belt. IEG Vantage (Informa) put their 2019 US corn acreage estimate at 90.7 million acres, down 2.1 million acres from USDA’s Intentions number.

May 19 Corn is at $3.59 1/2, up 12 cents,

Jul 19 Corn is at $3.69 1/2, up 13 cents,

Sep 19 Corn is at $3.78 1/4, up 12 1/2 cents

Dec 19 Corn is at $3.88 1/4, up 11 3/4 cents

--provided by Brugler Marketing & Management




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