Corn Prices Rise Amid Lower Yield Estimates from Pro Farmer Crop Tour
On Monday, corn prices rose by up to two cents as the market reacted to lower-than-expected yield estimates from the ProFarmer Crop Tour. South Dakota and Ohio reported yields below both year-over-year and three-year averages, raising concerns about potential supply constraints. Futures contracts for most months closed higher between 3 to 6¼ cents, with open interest increasing by over 15,000 contracts in December futures. The weekly USDA Crop Progress report indicated that the U.S. corn crop was at a critical growth stage as of August 16, but condition ratings declined slightly from last week’s levels. Export inspections also showed strong demand for U.S. corn shipments during the reporting period, with Mexico and Japan being top destinations. The Brugler500 index dropped by three points to 353 on Monday morning as traders digested these developments.
Topics: corn crop_yields export_data