Commodities
Corn Prices Climb as Harvest Progress Lags Behind Expectations
Corn prices climbed on Tuesday as traders monitored crop conditions and harvest progress on the Chicago Board of Trade. December corn futures gained 4-1/4 cents, reaching $5.01-1/2 per bushel.
The U.S. Department of Agriculture reported that just 54% of the corn crop was in good-to-excellent condition, marking a three-point drop from the previous week. Analysts had expected only a one-point decline.
Harvest activity also lagged behind, with farmers completing 23% of corn collection. This fell short of the five-year average of 27% and missed analyst projections of 26%.
In related news, President Donald Trump signed an executive order on Monday to expand access to red dye diesel fuel, which is commonly used in agricultural operations.