Commodities
US Corn Futures Plunge on Improved Weather and Crude Oil Price Drop
US corn futures contracts declined on Monday, falling between 2 1/2 and 13 1/2 cents due to improving weather conditions in key growing regions. The front-month contracts were hit particularly hard as market pressure mounted.
The decline was also attributed to a $7.40 drop in crude oil prices, which added extra pressure on the market. As a result, the CmdtyView national average Cash Corn price fell by 12 1/2 cents to settle at $4.21 1/4.
According to the USDA Crop Progress report, 78% of the US corn crop had reached the silking stage by July 26, which is 4 percentage points ahead of the five-year average. However, US condition ratings dropped 4% to 63% in good to excellent status.