Corn futures experienced slight declines on Monday, with prices showing a drop of 1 to 1.25 cents. The national average cash price for corn is currently at $4.35 per bushel.
The ProFarmer Crop Tour, which began on Monday, reported South Dakota’s corn yields averaging 149.09 bushels per acre, a 14.41% decrease from last year and 8.37% below the three-year average. In Ohio, yields were reported at 180.18 bushels per acre, down 2.97% year-over-year and 2.25% from the three-year average. Results for Indiana and Nebraska are expected later today.
As of August 16, the weekly Crop Progress report indicated that 76% of the U.S. corn crop is in the dough stage, with 29% dented and 4% mature. Overall crop condition ratings decreased by 1%, with 60% classified as good to excellent. Meanwhile, ANEC estimates Brazil’s corn exports for August at 5.63 million metric tons, an increase of 0.46 million metric tons from the previous week.
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