Corn prices are up 1 to 2 cents across most contracts so far on Wednesday morning. Futures were weighed down by a weaker wheat market, as contracts closed steady in July and 4 to 5 cents lower in the new crop months. Preliminary open interest was down just 828 contracts, July was down 8,762 contracts.  The front month CmdtyView national average Cash Corn price was up 1/2 cent at $4.33 1/4. 

After the close, the weekly Crop Progress report showed the US corn crop at 87% planted, now just 2 percentage points ahead of the 5-year average. Emergence was tallied at 67%, ahead of the 60% average. The first NASS ratings of the year showed 68% of the crop good or excellent, below estimates of 73%. That translates to a 374 score on the Brugler500 index (100-500 point scale), which is 11 points below the initial rating last year. 

Export Inspections data showed a total of 1.396 MMT (54.97 mbu) of corn shipped during the week of May 22. That was a drop of 20.69% from the previous week and 23.52% above the same week last year. Japan was the largest destination of 374,460 MT, with 297,363 MT headed to Mexico and another 199,544 MT to Colombia. Marketing year exports have totaled 46.98 MMT (1.85 bbu) since September 1, which is 29.15% above the same period last year. 

Jul 25 Corn  closed at $4.59 1/2, unch, currently up 1 1/2 cents

Nearby Cash  was $4.33 1/4, up 1/2 cent,

Sep 25 Corn  closed at $4.33 3/4, down 4 cents, currently up 1 3/4 cents

Dec 25 Corn  closed at $4.46 1/2, down 4 1/4 cents, currently up 1 1/2 cents

New Crop Cash  was $4.05 5/8, down 4 cents,