Corn Futures Surge Past $5 Amid Strong Crop Progress
Corn futures closed Tuesday's session with significant gains, as all contracts surpassed the $5 mark. The CmdtyView national average Cash Corn price rose by another 9 cents to $4.71 1/2. Weekly Crop Progress data showed that 86% of the US corn crop was in the dough stage by August 23.
The data also revealed that 45% of the crop was dented, while 6% was listed as mature. Condition ratings dropped 3% to 57% good to excellent condition, with the Brugler500 index down 5 points to 348. Nebraska and Kansas saw notable declines in their condition ratings.
In other news, Brazilian corn acreage is estimated at 23.3 million hectares for the 2026/27 crop year, a 3.1% increase from last year's figure. Argentina's corn acreage is projected to remain steady at 8.4 million hectares.