Corn had a shorter week of trading due to the Memorial Day holiday on Monday, but futures saw a modest rally from $3.16 to $3.25 per bushel in four days. The biggest jump was Thursday, when futures closed 7 cents higher at $3.2750, before the market gave back nearly 2 cents Friday, closing at $3.2575.
One surprise this week was the first release of USDA’s corn crop rating showing “only” 70 percent of the crop rated good to excellent. Many seemed to think the good start to planting combined with overall good weather this year deserved a rating near 72-74 percent good to excellent.
Firmer basis was being reported at ethanol plants as the weekly output numbers continue to rise.
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