Corn futures held on Tuesday, with contracts up 4 to 5 cents at the close. A limit rally in the wheat market was supportive. The CmdtyView national average Cash Corn price was up 5 cents to $4.39.
The May WASDE report from this morning saw a 15 mbu increase to the US ending stocks projection to 2.142 bbu, via a 15 mbu cut to ethanol. The first 2026/27 US balance sheet from the World Ag Outlook Board showed an ending stocks at 1.957 bbu slightly above the average trade estimate. The 2026 US production number was tallied at 15.995 bbu, with yield seen at 183 bpa.
Brazil production was raised 3 MMT by USDA to 135 MMT, with Argentina up 7 MMT to 59 MMT. World Ending stocks were up 2.14 MMT to 296.95 MMT for old crop. New crop carryout was pegged at 277.54 MMT.
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%. Just KS, MI, MO, NC, PA, and WI were behind their average planting pace. The crop was also 23% emerged, which is 4 percentage points faster than normal.
Jul 26 Corn closed at $4.80, up 4 3/4 cents,
Nearby Cash was $4.39 1/1, up 5 cents,
Sep 26 Corn closed at $4.86 1/4, up 4 1/2 cents,
Dec 26 Corn closed at $5.02, up 4 1/4 cents,
New Crop Cash was $4.55 1/8, up 4 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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