Corn Prices Rally on Tuesday Amid Export News
The price of corn is experiencing a turnaround on Tuesday, after Monday's losses. Contracts for corn are up 7 to 8 cents, diverging from the decline in crude oil prices. The national average Cash Corn price has also increased by 8 cents to $4.29 1/2.
The USDA reported a private export sale of 197,272 MT of corn to unknown destinations for shipment in 2026/27. This news is contributing to the upward trend in corn prices. In Monday's Crop Progress report, it was noted that 78% of the US corn crop has silked by July 26, which is 4 percentage points ahead of the 5-year average.
However, US condition ratings for corn have fallen 4%, with only Missouri experiencing an improvement in its rating. Brazil's ANEC estimates the country's corn exports in July at 3.3 MMT, a 0.4 MMT drop from their previous estimate but still above last year's figure of 2.43 MMT.