Corn futures experienced a boost late in the trading session on July 19, 2023, with September contracts closing at $4.52 ¾, up 3 ¼ cents. The CmdtyView national average Cash Corn price rose to $4.21, reflecting an increase of 3 ¼ cents.
The USDA’s weekly Crop Progress report indicated that 59% of the U.S. corn crop was silking, which is 5 percentage points above the 5-year average. However, the overall condition rating for the crop dropped by 1% to 67% classified as good to excellent, primarily due to declines in several states, including North Dakota, South Dakota, and Colorado.
In related weather forecasts, NOAA predicted 1 to 2 inches of rain across parts of Nebraska, Kansas, Missouri, and Ohio over the next week, while areas in the Dakotas, Minnesota, Wisconsin, Iowa, Illinois, and Indiana are expected to see less than 0.5 inches.
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