Corn Prices See Fractional Gains After Monday Declines
On Tuesday, corn prices showed fractional gains following a decline in the previous day's trade. Futures contracts had dropped by up to 13½ cents on Monday due to improved weather forecasts and falling crude oil prices. Open interest also decreased significantly across key months like September and December. The USDA’s latest Crop Progress report indicated that 78% of the U.S. corn crop was in silking stage as of July 26, ahead of the five-year average. However, condition ratings for crops fell slightly to 63%. Export shipments during the week ending on July 23 were below both weekly and yearly averages. Despite recent declines, marketing year exports are up by nearly a quarter compared to last year’s figures.
Topics: corn futures trading USDA report weather impact