Corn futures failed to hold onto the Monday gains, closing with contracts steady to 1 ¼ cents lower and 5-6 cents off the highs. The CmdtyView national average Cash Corn price was down 1/2 cent at $4.02 3/4. Crude oil was up just $1.42 on the day, coming well off the highs, following the breakdown of US/Iran negotiations this weekend. Pressure came later in the session after President Trump stated Iran was wanting to make a deal.
Crop Progress data indicated the US corn crop was 5% planted as of Sunday. That was a 2-percentage point move on the week and compares to the 4% 5-year average pace.
