Corn Futures Market Surges to Contract High Amid Crop Downgrade

The corn futures market saw significant gains on Monday, with December corn rising to $5.23 1/2 and closing at a contract high.

This follows the USDA's rating of the US corn crop as 57% good to excellent, down three percentage points from the previous week.

The Pro Farmer Crop Condition Index (CCI) declined by 2.52 points to 353.20, which is 28.39 points below last year at this time.

In other news, Brazilian farmers have planted only 2% of their first corn crop as of late last week, compared to 3.2% last year, according to AgRural.

The World Weather Inc. forecast predicts warming in the US Midwest and drier weather in areas with excessive moisture.