Corn futures are slipping lower on Tuesday, as contracts are fractionally to 2 cents in the red. We got confirmation to a slowdown in US planting on Monday, but traders are looking ahead towards a period of drier weather across much of the US beyond Wednesday through early next week.

Monday’s Crop Progress report showed just 36% of the US corn crop was planted as of Sunday, below the 39-40% average guess. A slow down had been expected due to wet weather, but that was just 9% points higher than the progress made through last week, with the 5-year average pace at 39% and 42% complete last year at this time. Of the major states, NE, SD and the I-states were reported behind normal. Emergence was tallied at 12% vs. the average progress of 9% emerged by 5/5. 

The average trade estimate for 2024/25 US corn production is around 14.87 billion bushels, based on wire house surveys.  It can vary a little depending on the mix of analysts and traders included. The WASDE report will be out on Friday.  NASS will not issue corn or soybean production estimates this early. Very few analysts believe the WAOB has adequate information to deviate from the 181 bpa average yield used in February, with a few skewing 2 bpa lower. 

Canadian corn stocks at the end of March were tallied at 8.267 MMT according to Stats Canada, down 8.9% from last year.

May 24 Corn is at $4.55 1/2, down 1 1/2 cents,

Nearby Cash is at $4.44 1/8, down 1 3/4 cents,

Jul 24 Corn is at $4.67 1/4, down 1 3/4 cents,

Dec 24 Corn is at $4.88, down 1/2 cent,

New Crop Cash is at $4.52 3/4, down 1/4 cent,