Corn futures are 6 to 9 cents higher in early Tuesday trading. On Monday, intra-month spread trading in corn futures widened the old to new crop inverse to now $1.15/bu. Old crop July futures were 8 3/4 cents stronger as they work to close the expiration gap, and new crop futures ended down by 3 1/2 to 5 1/2 cents.  Preliminary open interest dropped 11,562 contracts, with short covering trimming July by 19,795. 

The weekly Crop Progress report from NASS showed 80% of expected corn area has been planted through 5/16. The average is for 68%, though the trade expectations were for 83-84%  completion. National emergence was reported at 41%, up from 20% last week and the 35% average. 

USDA’s weekly Export Inspections report showed 1.892 MMT of corn was shipped through the week ending 5/13. That was up 10% wk/wk, and was 60% better than the same week last year. China was the top destination for the week’s export with 938k MT. The YTD exports were reported at 47.055 MMT (1.852 bbu). 

Jul 21 Corn  closed at $6.52 1/2, up 8 3/4 cents, and up 9 more this morning

Nearby Cash  was $6.67 yesterday, up 8 7/8 cents,

Sep 21 Corn  closed at $5.66 1/2, up 3 1/2 cents, and up 6 ¾ this morning

Dec 21 Corn  closed at $5.37 1/4, down 5 1/2 cents, and up 6 ¼ this morning

New Crop Cash  was $5.12 yesterday, down 5 1/2 cents,