Tuesday, May 3, 2011
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US Corn Futures Settles In Red On Steady Progress Of Corn Planting In US
Corn futures were lower on Monday. The July contract was 22 cents lower at $7.34 1/2. December was 8 cents lower at $6.61 1/4.
Weekend rains were heaviest once again across Arkansas and southern Missouri through the Ohio Valley. Lighter amounts fell in central Illinois and much of Indiana and Ohio.
USDA reported corn planting progress as of May 1 at 13% complete. Corn planting increased only 4 points from last week and is well below the ten year average of 43%. This is the slowest planting pace in 16 years, only slightly ahead of 1995 (11%) and 1993 (8%).
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