Corn Prices Rise Amid Crop Progress Report
On Tuesday, corn prices rallied as futures contracts rose by 7 to 8 cents. The national average Cash Corn price increased by 5¾ cents to $4.97¼. USDA's latest Crop Progress report indicated that 62% of the U.S. corn crop was in the dough stage and another 13% mature, with condition ratings remaining stable at 47% good or excellent. However, several states including Illinois, Iowa, Minnesota, North Dakota, Ohio, South Dakota, Texas, and Wisconsin saw declines in their corn conditions. In contrast, Colorado, Michigan, Missouri, and Nebraska reported improvements. The Brugler500 index dropped slightly to 347 as some crops moved from excellent to good ratings. The USDA's monthly Grain Crushing report is due later that day, which will provide data on July corn grind for ethanol production.
Topics: corn crop progress report futures trading