Corn Prices Plunge as Weather Forecast Improves and Crude Oil Falls
Corn futures declined on Monday due to an improving weather forecast and losses in crude oil. The front months led the retreat, down 2 ½ to 13 ½ cents. The CmdtyView national average Cash Corn price fell by 12 1/2 cents at $4.21 1/4.
The Crop Progress report showed that 78% of the US corn crop was silking by July 26, four percentage points ahead of the 5-year average. However, US condition ratings dropped 4%, with only 63% in good to excellent condition. The Brugler500 index also declined, down 11 points to 361.
According to USDA's FGIS, corn export shipments were 1.488 MMT (58.58 mbu) during the week ending July 23, a 7.74% decrease from the previous week and 2.88% below the same time last year. Mexico was the top destination for corn exports.