Corn Futures Climb as Harvest Lags Behind Average Pace
Corn futures climbed higher on Tuesday as traders monitored crop conditions and harvest progress. The price of corn rose by 4-1/4 cents to $5.01-1/2 per bushel on the Chicago Board of Trade.
The U.S. Department of Agriculture reported that only 54% of the corn crop was in good-to-excellent condition, a drop of three percentage points from the previous week. Analysts had expected a smaller decline of just one percentage point.
Harvest activity also lagged behind expectations, with farmers completing 23% of corn collection. This figure fell short of the five-year average of 27% and was below analyst projections of 26%, according to USDA data.
On Monday, President Donald Trump signed an executive order to expand access to red dye diesel fuel, which is used in agricultural operations.