Corn Prices Rebound as Crop Yields Disappoint

Corn prices have started to recover on Wednesday morning after mixed trade and declining yields in some of the major corn-producing states. The CmdtyView national average Cash Corn price was down 1 3/4 cents at $4.35 1/2, but futures are now up by 2 to 3 cents.

The ProFarmer Crop Tour has been providing insights into this year's crop yields. On Tuesday, Nebraska corn yields averaged 163.61 bushels per acre, down 8.85% from last year and 5.6% below the three-year average. Indiana yields were also lower than expected, averaging 183.54 bpa, a 5.3% decline from a year ago and 2.1% below the three-year average.

The weekly Crop Progress report showed condition ratings down 1% this week at 60% in good to excellent condition. The Brugler500 index was also down 3 points to 353, with some states seeing deteriorating conditions, while others saw improvement.