According to NASS Crop Progress data, 93% of the U.S. corn crop had been planted as of May 31, which is 1 percentage point ahead of the normal pace. Crop emergence reached 76% of the expected area, 2 percentage points faster than average. The initial corn crop condition rating was 67% Good/Excellent, below analysts' expectations of 70% and 2 percentage points lower than the same period last year. This equates to a rating of 371 on the Brugler500 Index, the lowest initial rating in three years and the third-lowest opening rating in the past 13 years. Ohio recorded the weakest rating at 340, while Iowa posted a strong 399.

The 7-day forecast from NOAA indicates around half an inch of rainfall across much of the Western Corn Belt west of the Mississippi River. Areas east of the river are expected to receive less than one inch of precipitation, except for northern Illinois and Wisconsin, where rainfall may be higher.

Several South Korean importers purchased an estimated 120,000 to 136,000 metric tons of corn through overnight tenders.