Corn Prices Rebound Slightly Amid Improving Weather Forecast
Corn prices started the week on a positive note, albeit slightly, as futures opened higher on Tuesday. This follows a Monday where contracts declined by $2.50 to $13.50 across the board, led by front-month contracts. The decrease was attributed to an improving weather forecast and losses in crude oil prices, which fell to $7.40.
Monday's Crop Progress report showed that 78% of the US corn crop had silked by July 26, exceeding the five-year average by four percentage points. However, the condition ratings for US corn fell 4%, with only 63% in good or excellent condition.
The USDA reported corn export shipments at 1.488 MMT (58.58 mbu) during the week ending on July 23, down 7.74% from the previous week and 2.88% below the same period last year. Mexico was the top destination for corn exports, followed by Japan and Colombia.
The NOAA 7-day QPF forecast predicts 1 to 2 inches of rain across much of IA, MO, and IL over the next week, which may impact corn yields.