Corn Futures Rally Amid Export Demand and Crop Concerns

Corn futures continued their rally near a thirteen-week high, reaching above $4.6 per bushel as traders assessed fresh crop data from the Pro Farmer Crop Tour and robust export demand.

Early field observations showed drought damage in South Dakota and uneven crop maturity in Ohio, which could lead to actual yields falling short of the USDA's estimate of 180.7 bushels per acre.

The USDA's Crop Progress report revealed that by August 16, 76% of the US corn crop had reached the dough stage, with 29% dented and 4% mature. The share rated good-to-excellent fell to 60%, down from 61% a week earlier.

US corn export inspections jumped 81.7% year-on-year to 1.91 million tonnes, with Mexico, Japan, and Colombia among the top destinations. Cumulative shipments reached 80.95 million tonnes, or 26.1% above the same period last year.