Corn Prices Dip Slightly Amid Mixed Crop Conditions
On Wednesday morning, corn prices were down by 2 to 3 cents following a mixed performance in the previous session. On Tuesday, futures recovered much of Monday's losses with front-month contracts closing up between 5 and 6¾ cents while deferred months remained steady or slightly higher. Open interest decreased marginally by just over 1,900 contracts. The national average Cash Corn price rose to $4.28¼ on Tuesday as the latest Crop Progress report indicated a decline in corn condition ratings across most major states. Only Missouri saw an improvement; Colorado experienced the largest drop of 29 points. Brazil's ANEC estimated July exports at 3.3 million metric tons, slightly lower than last week but higher compared to the same period last year. Market participants are also monitoring international demand signals as a South Korean importer recently purchased 69,000 MT in an overnight tender.
Tickers: $CORN
Topics: corn crop conditions futures