Corn Prices Rally Amid Supply and Demand Shifts
Corn prices are rising on Tuesday, driven by supply and demand factors. According to Barchart, corn futures contracts are trading at 7 to 8 cents above midday levels. The CmdtyView national average Cash Corn price has increased by 5 3/4 cents to $4.97 1/4. This comes after the USDA's Crop Progress report showed that 62% of the US corn crop is in the dough stage, with 62% dented and 13% mature.
The condition ratings for corn remained steady at 47%, but some states saw deterioration in their ratings. Illinois (-3), Iowa (-2), Minnesota (-5), North Dakota (-6), Ohio (-1), South Dakota (-7), Texas (-7), and Wisconsin (-5) all experienced a decline, while Colorado (+29), Michigan (+8), Missouri (+4), and Nebraska (+3) saw improvement.
The USDA's monthly Grain Crushing report will be released on Tuesday afternoon, providing insight into the July corn grind for ethanol. The current prices for corn futures are: Sep 26 Corn at $5.23 (up 8 cents), Nearby Cash at $4.97 1/4 (up 5 3/4 cents), Dec 26 Corn at $5.45 3/4 (up 8 cents), and Mar 27 Corn at $5.60 (up 7 3/4 cents).