Corn Prices Climb as Harvest Progress Falls Behind Schedule
Corn prices climbed on the Chicago Board of Trade (CBOT) as traders kept a close eye on crop conditions and harvest progress. December corn futures advanced by 4-1/4 cents, reaching $5.01-1/2 per bushel.
The U.S. Department of Agriculture (USDA) revealed 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.
Harvesting also lagged behind, with farmers completing just 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 commonly used in agricultural operations.