Corn futures saw gains as of Tuesday, with contracts increasing by 1 to 2 cents. The front month CmdtyView national average Cash Corn price rose by 1 1/4 cents, reaching $3.88 3/4. The Crop Progress data released on Monday indicated steady crop ratings at 74% good/excellent, with a Brugler500 index score of 385.
In terms of state-specific ratings, Indiana dropped by 2 points, while South Dakota and Ohio decreased by 1. Missouri improved by 14 points, North Dakota by 6, and Nebraska and Illinois both saw a 3-point increase. Widespread rain of 1 to 3 inches is expected across the Corn Belt this week, according to NOAA.
Brazil’s corn exports for July are projected at 4.3 million metric tons (MMT), a 0.26 MMT increase from prior estimates and higher than last year’s 3.55 MMT. Upcoming EIA data on ethanol production is set to be released on Wednesday.
