Corn prices are up 3 to 4 cents so far on Tuesday. Futures closed the Monday session with contracts up 3 to 5 cents across most contracts. Open interest showed modest short covering, down 3,444 contracts, mainly in July (-9,266). The CmdtyView national average Cash Corn price was up 4 cents to $4.34 3/4.
NASS Crop Progress data showed the US corn crop at 57% planted as of Sunday, which was 5% ahead of the 5-year average pace of 52%. The crop was also 23% emerged, which is 4 percentage points faster than normal.
USDA’s FGIS tallied corn export shipments at 1.691 MMT (66.56 mbu) during the week ending on May 7. That was 17.1% below the week prior but 30.04% above the same week last year. Mexico was the top destination of 464,931 MT, with 275,981 MT headed to South Korea and 164,767 MT to Colombia. Marketing year exports for 2025/26 are 57.18 MMT (22.51 bbu) since September 1, which is now 30.49% below the same period last year.
The May WASDE report will be released later this morning, with traders looking for old crop corn stocks estimated at 2.13 billion bushels vs. 2.127 bbu in April. The first 2026/27 US balance sheet will be released for the World Ag Outlook Board, with analysts surveyed by Bloomberg at an average of 1.942 bbu and a range of 1.776-2.11 bbu. The 2026 US production number is estimated to be tallied at 15.985 bbu, with yield seen at 183 bpa.
May 26 Corn closed at $4.60 3/4, up 4 1/2 cents, currently up 3 3/4 cents
Nearby Cash was $4.34 3/4, up 4 cents,
Jul 26 Corn closed at $4.75 1/4, up 4 cents, currently up 2 3/4 cents
Dec 26 Corn closed at $4.97 3/4, up 4 1/4 cents, currently up 2 3/4 cents
New Crop Cash was $4.51 3/4, up 4 cents,
