USDA's Corn Crop Condition Rating Cut Sends Futures Higher

Corn futures on the Chicago Board of Trade (CBOT) traded higher on Tuesday after the U.S. Department of Agriculture reduced its crop condition rating more than analysts expected.

The USDA reported that 63% of the corn crop was rated in good-to-excellent condition as of Sunday, down from 67% the previous week. This figure came in below the average analyst estimate of 65% good to excellent.

CBOT December corn (CBOT:CZ26) was last up 1-1/2 cents at $4.75-1/2 per bushel, with prices ranging from steady to up 2 cents per bushel overall.