Concerns about Corn Planting Progress

Abstract

The corn market continues to be influenced by two major fundamental factors. One is the on-going high rate of consumption, particularly the magnitude of export sales. Export commitments as of April 17 accounted for 97 percent of the USDA’s projection of exports for the year that has just over 19 weeks remaining. The major concern is that 38 percent of those sales have not yet been shipped and could be subject to cancellation or rolling into the next marketing year. The second factor is the slow start to the planting season. Only six percent of the acreage in the 18 major corn producing states was reported as planted as of April 20.