Corn Breaks Free from Crude Oil Price Ties Amid Crop Condition Worries

Corn futures diverged from crude oil prices on Tuesday, bucking their recent trend of moving in sync. This shift came despite oil's decline to a new low since May.

The USDA reported that the US corn crop was rated 63% good to excellent as of July 26, down 4 percentage points from the previous week. This drop marked the largest decline for this time of year since 2007 and ended a streak of steady condition readings.

Corn prices rose by 6 ½ cents on Tuesday, finishing near their daily high, while oil charts appear to be unfavorable for energy bulls. The outcome of the Federal Reserve's policy meeting on Wednesday may impact commodity markets, with investors anticipating a potential rate hike.