Corn Futures Soar Above $5 as US Crop Reaches Maturity

Corn futures closed Tuesday's session with all contracts trading above $5. The price of corn climbed by as much as 10 ¼ cents, with some contracts reaching a gain of 7 ¾ cents on the day.

The national average Cash Corn price rose by another 9 cents to reach $4.71 1/2. Weekly Crop Progress data showed that 86% of the US corn crop had reached the dough stage by August 23, with 45% already dented and 6% listed as mature.

Condition ratings for corn fell by 3%, down to 57% in good to excellent condition. The Brugler500 index dropped 5 points to 348, with North Dakota's rating taking a significant dive of 22 points.