Corn Prices Drop Amid Crude Oil Decline, Crop Conditions Improve
On Monday, corn futures fell as contracts dropped between 2.5 to 13.5 cents across the board, driven by improved weather forecasts and a decline in crude oil prices of $7.40. The national average cash price for corn was reported at $4.21¼ after falling 12½ cents. USDA's Crop Progress report indicated that 78% of the U.S. corn crop had reached silking, ahead of the five-year average by four percentage points. USDA’s FGIS recorded corn export shipments totaling 1.488 million metric tons (58.58 mbu) for the week ending July 23—7.74% below the previous week and 2.88% lower than a year ago. Mexico was the largest destination, followed by Japan and Colombia. Marketing-year exports are now up 24.81% compared to last year. Meanwhile, U.S. corn condition ratings fell slightly to 63%, with good-to-excellent conditions reported.
Topics: corn crude_oil USDA report weather forecast