Corn Prices Climb as Harvest Progress Lags Behind Expectations

Corn prices saw an uptick on Tuesday as traders kept a close watch on crop conditions and harvest progress. December corn futures climbed 4-1/4 cents to $5.01-1/2 per bushel on the Chicago Board of Trade.

The U.S. Department of Agriculture reported that only 54% of the corn crop was in good-to-excellent condition, a decline of three percentage points from the previous week. Analysts had expected a smaller drop of just one percentage point.

Harvest activity also lagged behind expectations, with only 23% of the corn collection completed. This 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.