Crude Oil Pressure Weighs on Corn Futures

Corn futures are trading lower on Tuesday, reversing gains from Monday. The decline is attributed to pressure from crude oil, which has dropped by $4.30. The CmdtyView national average Cash Corn price has fallen 7 3/4 cents to $4.12.

The weekly Crop Progress report showed the US corn crop progressing ahead of normal, with 90% of the crop silking by August 2 and 43% in the dough stage. However, US condition ratings slipped another 2%, standing at 61% good to excellent condition.

Grain Crushing data revealed that 466.71 mbu of corn was used for ethanol production in June, a record total but down 1.5% from last month. Exports of corn were also at a record high, with 7.926 MMT shipped in June, a 9.29% increase from May.