US Corn Market Sees Mild Boost from Weather Report

The US corn market received a mild boost after the USDA reported a 4 percentage point drop in good to excellent categories, reflecting the impact of hot and dry weather in the western Corn Belt.

However, forecasts calling for more rainfall than expected in early August put a damper on the weather rally this week.

According to Sean Lusk, Vice President of Commercial Hedging Division at Walsh Trading, the market is likely range-bound until harvest and he suggests selling the December corn 460 Straddle for 42 cents.