Corn futures experienced a downturn on Tuesday, with contracts falling 1 to 1.75 cents. The national average cash corn price decreased by 1.5 cents to $3.79 per bushel.
The USDA’s Crop Progress report showed unchanged condition ratings for corn at 65% in the good/excellent categories, although some states experienced declines in ratings. Ohio saw an 8-point drop, North Dakota decreased by 6 points, and Nebraska, Illinois, Indiana, and Iowa also reported minor losses.
Next Monday, the USDA will release its Grain Stocks report, with traders anticipating a total of 1.844 billion bushels, a forecast range of 1.655 to 2.017 billion. In Brazil, corn exports for September are estimated at 6.68 million metric tons, a slight increase from last week’s projections.
