COM - Corn futures fall to six-week low after U.S. farmers sped up crop planting

Chicago corn futures closed -1.8% to a six-week low on Tuesday, pressured by a U.S. Department of Agriculture report that farmers made good progress in their delayed planting tasks during the past week, Reuters reports. The USDA's latest Crop Progress report said 72% of the U.S. corn crop had been seeded as of May 22, near the high end of expectations and up from 49% a week earlier, helping corn for July delivery (C_1:COM) fall $0.145 to $7.71 3/4 per bushel, after trading as low $7.62, the lowest for a most-active contract since April 11. Other factors also are pressuring corn futures, according to Arlan Suderman of StoneX: The Biden Administration is said to be considering waivers on gasoline blending requirements, reflecting demand risks for producing ethanol, and Brazil  said it signed an agreement to sell corn to China, which could limit export demand for the U.S. product. While the

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Corn futures fall to six-week low after U.S. farmers sped up crop planting