Corn Futures Decline Amid Planting Progress and Weather Concerns

Corn futures are experiencing a decline as planting advances exceed historical averages amidst concerns of inclement weather. The market closely watches the impact of exports that have risen sharply compared to last year.

Date: 23-04-2025

AI Rating: 6

Market Overview: Recent reports indicate a decline in corn futures, with contracts experiencing a drop of 4 to 7 cents. The front month Cash Corn price is recorded at $4.50, which marks a decrease of 4 ½ cents. This decline aligns with changing weather patterns and planting progress.

The latest Crop Progress data shows that the US corn crop is currently 12% planted as of April 20, surpassing the 5-year average of 10%. Notably, states such as Illinois, Indiana, Kentucky, North Carolina, Tennessee, and Wisconsin are behind the average pace, while Iowa and Nebraska show significant planting progress relative to their averages. The emergence rate is stable at 2%, in line with historical norms.

Growth in Exports: Despite the current downturn in prices, Export Inspections data reveals that corn shipped during the week of April 17 reached 1.702 million metric tons, contributing to a marketing year total of 39.22 million metric tons since September 1. This represents a substantial 28.97% increase compared to the same period last year. This growth in exports is crucial as it can help stabilize corn prices and potentially support future price increases.

However, concerns about excessive rainfall in recent days and more wet forecasts may hinder planting progress, affecting supply expectations moving forward.

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