Corn futures are experiencing a decline, with contracts dropping 2 to 2½ cents at midday on July 26, 2023. The July futures expire today, and the CmdtyView national average cash corn price is currently $4.08, down 2 cents.
The latest weekly Crop Progress report indicated that 16% of the U.S. corn crop was silking as of July 12, which is 4 percentage points ahead of the five-year average. U.S. condition ratings remain at 68% in good to excellent condition, with the Brugler500 index increasing by 2 points to 371. Notable state-wise changes include a decrease in ratings for Indiana and Iowa, while Ohio saw a significant improvement of 17 points.
Additionally, data from CONAB shows Brazil’s 2025/26 corn crop is projected at 141.73 million metric tons (MMT), reflecting a 1.27 MMT increase from the previous month, with the second crop raised by 1.56 MMT to 109.43 MMT.
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