⛏Corn Futures
CORN
▲ PositiveSupplyrelevance
Crop condition ratings slipped 4 percentage points to 63%, indicating potential supply reduction.
Impact on assets 1
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Corn futures are posting fractional gains in early Tuesday trading after Monday's broad retreat. Contracts fell 2½ to 13½ cents on Monday, pressured by an improving weather forecast and a $7.40 drop in crude oil, with the national average cash corn price down 12½ cents to $4.21¼. The USDA's Crop Progress report showed 78% of the U.S. corn crop silking, 4 percentage points ahead of the five-year average, but good-to-excellent condition ratings slipped 4 percentage points to 63%. Export shipments for the week ending July 23 totaled 1.488 million metric tons, down 7.74% from the prior week, with Mexico as the top destination. The NOAA seven-day precipitation forecast indicates 1 to 2 inches across much of Iowa, Missouri, and Illinois, while eastern South Dakota, Nebraska, and southern Minnesota are also expected to receive 1 to 2 inches.
Crop condition ratings slipped 4 percentage points to 63%, indicating potential supply reduction.