Corn bulls were stuck in the mud on Tuesday, as contracts saw losses of just ½ to 2 ½ cents across the board. May was 2 ½ cents off the session low at the close, with December closing 2 cents in the red, 1 ¾ cents off their low. 

The weekly EIA data will be published on Wednesday, with most expecting to see slightly lower ethanol production in the week of 4/12.

Monday afternoon’s Crop Progress report showed state by state progress moving along as Missouri was already 26% complete as of 4/14, compared to the 10% average, with IA 4% planted. States in the Eastern Corn Belt are off to a slightly slower start, with IL (3%), IN (1%) and OH (0%) each 1% back of the 5-year average.

Ukraine’s ag ministry expects this year’s corn acreage to drop 4.5% from last year at 3.863 million hectares (9.55 million acres). Production is forecasted at 27 MMT, even with last year.

May 24 Corn  closed at $4.31, down 1/2 cent,

Nearby Cash   was $4.14 5/8, up 0 cent,

Jul 24 Corn  closed at $4.42 3/4, down 1 1/2 cents,

Dec 24 Corn  closed at $4.67 1/4, down 2 cents,

New Crop Cash   was $4.30 7/8, down 2 cents,