Corn futures gain on planting progress

What happened: Corn futures gained on Monday and Wednesday, with prices up 1 ¼ to 3 ¼ cents and 2 to 3 cents respectively. The CmdtyView national average Cash Corn price increased to $4.15 ¼. The US corn crop was 11% planted by Sunday, 2% ahead of the 5-year average pace. July corn futures showed signs of a price uptrend after strong support at the $4.50 area.

Market impact: The increase in corn futures prices affects agricultural commodity traders, farmers, and food processing companies. Higher corn prices could lead to increased production costs for livestock feed and ethanol, impacting related industries. Corn exporters may see improved profit margins.

What to watch next: The USDA's weekly Crop Progress report on Monday, May 16, will provide updates on planting progress. The expiration of May corn options on Friday, May 13, could also influence price movements. Technical traders will monitor the $4.50 level for potential support or resistance.