Corn futures are down a penny in the nearby July contract, with others down 4 to 5 for new crop. Spillover pressure from wheat is weighing on the market. The front month CmdtyView national average Cash Corn price is down 3/4 cent at $4.32. 

Export Inspections data showed a total of 1.396 MMT (54.97 mbu) of corn shipped during the week of May 22. That was a drop of 20.69% from the previous week and 23.52% above the same week last year. Japan was the largest destination of 374,460 MT, with 297,363 MT headed to Mexico and another 199,544 MT to Colombia. Marketing year exports have totaled 46.98 MMT (1.85 bbu) since September 1, which is 29.15% above the same period last year. 

Ahead of the weekly Crop Progress report, analysts estimate corn planting progress will be near 87% complete. Initial ratings will be reported, with traders looking for an average of 73% and a range from 64% to 78%.

CFTC Commitment of Traders data indicated speculators in corn futures and options adding 18,234 contracts to their net short position as of May 20. That took their fresh short position to 103,210 contracts as of Tuesday. 

AgRural estimates the Brazilian second corn crop 0.9% harvested in the Mato Grosso and Parana states, which lags the 2% early pace from last year. Datagro estimates the overall crop total at 132.7 MMT, up 1 MMT from the previous number. 

Jul 25 Corn is at $4.58 1/2, down 1 cent,

Nearby Cash is at $4.32, down 3/4 cent,

Sep 25 Corn is at $4.33 1/4, down 4 1/2 cents,

Dec 25 Corn is at $4.46, down 4 3/4 cents,

New Crop Cash is at $4.04 1/1, down 4 3/4 cents,