Corn Prices Rise as ProFarmer Crop Tour Reports Lower Yields
Corn futures are rising on Tuesday morning, following Monday's session where they closed higher across most months. Contracts for September and December corn are up by 3 to 6 ¼ cents.
The ProFarmer Crop Tour, which started on Monday, reported lower yields in South Dakota and Ohio compared to the previous year and three-year average.
The weekly Crop Progress report showed that 76% of the US corn crop is in the dough stage by August 16, with 29% dented and 4% listed as mature. Condition ratings were down 1% this week at 60% in good to excellent condition, as the Brugler500 index was down 3 points to 353.
The Export Inspections report showed corn shipments of 1.91 MMT (75.23 mbu) in the week of August 13, up 8.55% from the previous week and 81.71% larger than the same week last year. Mexico was the largest destination of 699,695 MT.