Corn Falls on Crude Oil Pressure, Weekly Crop Report Shows Slipping Condition Ratings

Corn futures closed lower on Tuesday, down by 2 to 7 cents across most contracts at the close. The price drop was partly due to pressure from crude oil prices, which fell $5.20. The national average Cash Corn price was also down, at $4.13 1/2.

The weekly Crop Progress report showed condition ratings for corn slipping another 2% to 61%, with good to excellent conditions. Some states saw significant deterioration in their corn crop condition, including North Dakota (-26%), Kansas (-20%), Nebraska (-15%), and Minnesota (-6%).

On the other hand, some improvement was seen in the I states, with Iowa (+2%), Illinois (+4%), and Indiana (+1%) showing better conditions. Ohio also saw an increase of +4%.

The next week is expected to bring precipitation across much of Iowa, Missouri, Indiana, Wisconsin, Michigan, Ohio, northern Indiana, and southern Minnesota.