Corn Market Up Another 3 to 6 Cents

Corn futures are 3 to 6 cents higher this morning after USDA confirmed slow US planting progress and weather forecasts continue to suggest more of the same. They saw 2 to 6 1/2 cents gains on Monday, posting multi-month highs in several contracts. Preliminary open interest jumped 49,782 as new buyers crowded in to play the weather rally. In the weekly Crop Progress report, NASS showed corn planting at 49% complete nationwide by Sunday, on the lower side of estimates and the slowest for week 20 since NASS started recording. That was well below the 80% average, with last year at 78% for this week. The crop was 19% emerged, with the 5-year average at 49%. All corn export shipments in the week of May 16 totaled just 820,916 MT. That was down 28% from last week and 47% below the same week last year. Exports YTD are now 3.09% larger than a year ago, at 37.454 MMT (1.474 bbu). --provided by Brugler Marketing & Management




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