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May Corn finished down 11 1/4 at 706 3/4, 15 1/4 off the high and 2 1/2 up from the low. July Corn closed down 3 at 652 1/2. This was 6 up from the low and 5 1/4 off the high.
The corn market traded both sides of the unchanged today. Traders noted an active spread trade with July losing to December on profit taking and September gaining on December as traders anticipate a late new crop harvest amid tight old crop supplies. CIF basis was reported steady to lower for nearby barge shipment which helped to pressure the old crop market. Corn planting made progress in the last week but is still well behind the 5 year average pace. Farmers will get a window to plant this week with reports of planters rolling in northeast IA and east into central IL. A well-advertised storm system will move across the Plains and into the central Midwest by the weekend which will bring planting to a halt. Forecasts still show up to an inch in central IL and similar totals for areas of IA, MN, and the Dakotas. Talk in the market has been that if planters continue to work this week, total planting progress could reach 50% or more by next Sunday. Many concerns still remain for the corn crop, particularly when it comes to how much acreage has been lost due to the delays but also due to yield deterioration as we enter the last half of May. A study from the University of Illinois suggests that an 8% yield loss is associated with a planting date after May 10th in Illinois. A 15% loss is associated after May 20th. Finally, a 25% loss is associated after June 1st. Weather conditions during the key pollination period for the crops will be the most important factor when determining yield for the 13/14 season.
July Rice finished down 0.065 at 15.365, 0.135 off the high and 0.005 up from the low.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.