Corn Prices Rise as Deliveries Increase Ahead of USDA Report
Corn futures are rallying on Tuesday, with contracts trading between 7 to 8 cents higher at midday. The recent uptick in prices comes as 187 deliveries were issued against September corn overnight.
The national average Cash Corn price is up 5 3/4 cents to $4.97 1/4, according to the CmdtyView report. This week's Crop Progress report showed that 62% of the US corn crop was in the dough stage by August 30, with 62% dented and 13% listed as mature.
The condition ratings remained steady at 47% in good to excellent condition, while the Brugler500 index slipped another point to 347. State-by-state, some regions saw deterioration, including Illinois (-3), Iowa (-2), Minnesota (-5), North Dakota (-6), Ohio (-1), South Dakota (-7), Texas (-7), and Wisconsin (-5). On the other hand, Colorado (+29), Michigan (+8), Missouri (+4), and Nebraska (+3) showed improvement.
The upcoming USDA's monthly Grain Crushing report will be released on Tuesday afternoon, providing insights into July corn grind for ethanol. As of midday, September Corn is trading at $5.23 (up 8 cents), Nearby Cash is at $4.97 1/4 (up 5 3/4 cents), December Corn is at $5.45 3/4 (up 8 cents), and March Corn is at $5.60 (up 7 3/4 cents).