Corn Posts Double Digit Gains on Continued Slow Planting
BRUG - Tue May 14, 5:19PM CDT

Corn futures saw double digit gains in the 2019 contracts, with deferred contracts 4 to 10 cents higher. May futures expired today at $3.60 1/2. USDA confirming extremely slow planting and short covering caused the rally. After the Monday close, NASS reported IL is 71% behind normal planting pace at just 11%, with IN 51% below their average @ 6% and OH at 4% complete. NE was 46% planted, with IA at 48% both lagging normal. Forecasts on the 7-day QPF show precip in the WCB, with minimal amounts in the ECB, which may allow for some planting (if soils can dry out). The 6-10 day outlook looks wetter than normal for most of the Corn Belt. IEG Vantage (Informa) put their 2019 US corn acreage estimate at 90.7 million acres, down 2.1 million acres from USDA’s Intentions number.

Jul 19 Corn closed at $3.68 3/4, up 12 1/4 cents,

Sep 19 Corn closed at $3.77 1/4, up 11 1/2 cents,

Dec 19 Corn closed at $3.87 3/4, up 11 1/4 cents

Mar 20 Corn closed at $3.99 1/2, up 9 1/2 cents

--provided by Brugler Marketing & Management

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