The corn market is failing to hold the early bounce back strength so far at Tuesday’s midday, with fractional to 2 cent losses. The nearby CmdtyView national average Cash Corn price is down ¾ cent at $4.23 3/4. 

Crop Progress data from Monday afternoon showed the US corn crop at 40% planted as of May 4, which is 1 percentage point ahead of the 5-year average pace. Some of the eastern states were lagging behind, with IL and KY 12 percentage points behind normal and TN lagging by 1%. IA (-4%), MO (-3%), NC (-9%), and WI (-5%) were all behind the average planting pace. Emergence was tallied at 11%, running ahead of the 5-year average at 9%.

March export data from Census was released this morning, with corn exports totaling 7.34 MMT (289 mbu), which was a 21.7% increase from the Feb total and 24.54% above last year. That takes the marketing year total to 38.01 MMT (1.496 bbu). Exports of DDGs totaled 1.027 MMT, which was slightly below the year prior. Ethanol shipments were the largest in 7 years at 195.8 million gallons.

A couple of South Korean importers purchased a total of 332,000 MT of corn in private tenders overnight. 

May 25 Corn is at $4.45 1/2, down 1 cent,

Nearby Cash is at $4.23 3/4, down 3/4 cent,

Jul 25 Corn is at $4.53 1/4, down 1 cent,

Dec 25 Corn is at $4.41 1/4, down 1 3/4 cents,

New Crop Cash is at $4.00 1/2, down 2 1/4 cents,