Crude Oil Price Drop Sends Corn Futures Tumbling

Corn futures fell on Tuesday due to a decline in crude oil prices. The price of crude oil dropped by $5.20, putting downward pressure on the corn market. As a result, most contracts for corn fell between 2 and 7 cents by the close.

The CmdtyView national average for cash corn settled at $4.13 1/2, down 7 1/4 cents from the previous day. The drop in crude oil prices likely contributed to the decline in corn futures.

However, not all regions saw a decrease in condition ratings. Some improvement was noted in Iowa and Illinois, while significant deterioration occurred in North Dakota, Kansas, and Nebraska. According to the latest weekly Crop Progress report, condition ratings slipped to 61% good-to-excellent, a 2% decrease.

Despite the decline in corn futures, record export figures were reported for June. StoneX estimated the national corn yield at 184.8 bushels per acre, suggesting a total production of 16.16 billion bushels. Fresh Census data showed that June corn exports reached a record 7.926 million metric tons, which is over 9% higher than May levels.