Corn Prices Crash to Four-Week Low Ahead of USDA Report
Corn prices continued their downward trend ahead of this week's USDA supply and demand report, falling to a four-week low of $4.60 1/2 per December contract.
The market saw significant selling pressure due to general risk-off trading, with technical selling also contributing to the decline. Weather conditions in the Corn Belt were also price-bearish, weighing on prices.
According to the USDA's latest crop ratings, the U.S. corn crop is 61% good to excellent as of Sunday, unchanged from last week. However, the Pro Farmer Crop Condition Index declined by 2.28 points to 358.39, lagging behind last year's rating at this time.
Looking ahead, World Weather Inc. predicts milder temperatures and periodic showers in the Midwest over the next two weeks, which could help alleviate crop stress in the region.