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IPC Index — Mexico Market
Corn futures closed the Tuesday session with contracts 3 ¼ to 6 ½ cents higher, as spillover support from the wheat market is supportive. The CmdtyView national average Cash Corn price was up 7 cents at $4.32 1/4.
NASS Crop Progress data showed the US corn crop at 25% planted as of Sunday, which was 6% ahead of the 5-year average pace of 19%. Of the major 18 states reported, just KS (-1% vs. average), MI (-1%), MO (-2%), NC (-5%), ND (-3%), and WI (-1%) were behind normal. Many of the top producing states were well ahead of normal with IL (+10% vs. average), IN (+20%), NE (+10%), and OH (+14%) all faster than average, with IA now on pace. The national crop was also 7% emerged, which is 3 percentage points faster than normal.
EIA data will be updated on Wednesday, with analysts looking for ethanol production to be steady from the week prior.
May 26 Corn closed at $4.65 1/4, up 4 1/2 cents,
Nearby Cash was $4.32 1/4, up 7 cents,
Jul 26 Corn closed at $4.75 1/2, up 6 1/4 cents,
Dec 26 Corn closed at $4.95 3/4, up 6 1/4 cents,
New Crop Cash was $4.53 1/1, up 7 1/4 cents,
