Crop Tour Results Spark Higher Corn Price Predictions

The recent Pro Farmer Crop Tour found disappointing results in South Dakota and Ohio. Both states saw a larger percent decline compared to past tours, which has corn market analysts predicting a higher price for Tuesday.

Corn prices are pushing higher again this morning, with the weekly corn export inspections coming in at 1.9 MMT, the highest level in 10 weeks. The recent wet weather, especially in the eastern part of the corn belt, could lead to further crop loss and declining conditions.

The support for September corn is at $4.53, which is the 100-day moving average, while resistance is at $4.68, the high from July 24th. If prices can close above this level, they may test contract highs in the low $4.90's.