Corn futures rose by 6 to 8 ¾ cents on Tuesday, reaching new highs. The September corn contract closed at $5.21 ½, while the average cash corn price increased by 7 ¼ cents to $4.99 ¾. In total, 187 deliveries were made against September corn overnight.
According to this week’s Crop Progress report released on August 30, 62% of the U.S. corn crop is in the dough stage, with 62% dented and 13% classified as mature. Current condition ratings remain stable at 47% in good to excellent condition, despite slight deterioration in several states.
The USDA reported that 474.7 million bushels of corn were used for ethanol production in July, marking a 2.3% increase from the previous month and a 3.75% year-over-year rise. In Brazil, the first corn crop is estimated at 29.3 million metric tons, an increase of 0.5 million metric tons from prior estimates.
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