The corn market is facing pressure at Tuesday’s midday, with contracts down 4 to 7 cents. There were another 67 deliveries issued against May overnight. The nearby CmdtyView national average Cash Corn price was down 1 1/2 cents at $4.19 1/2. 

Crop Progress data from Monday afternoon showed the US corn crop at 62% planted as of May 11, which is 6 percentage point ahead of the 5-year average pace.  Of the major 18 states USDA reports on, IL (-6), KY (-9), MO (-3), NC (-6), and OH (-2) were all lagging their respective average pace. Emergence was tallied at 28%, running ahead of the 5-year average at 21%.

Following the USDA Brazilian production increase to 130 MMT on Monday, Dr Michael Cordonnier was less aggressive, but raised is projection by 1 MMT o 127. The market may be taking some premium off the table with a larger crop possibly eating into some fourth quarter US exports.

May 25 Corn is at $4.33 1/2, down 6 3/4 cents,

Nearby Cash is at $4.13 1/1, down 5 1/2 cents,

Jul 25 Corn is at $4.42 1/4, down 5 3/4 cents,

Dec 25 Corn is at $4.41 1/2, down 4 cents,

New Crop Cash is at $3.99 1/4, down 4 cents,