Corn futures declined modestly on Tuesday, falling 1 to 2 cents, with the CmdtyView national average cash corn price settling at $4.07 3/4 per bushel.
The USDA’s Crop Progress report indicated that as of August 9, 94% of the U.S. corn crop was silking, with 61% in the dough stage, 6 percentage points ahead of the five-year average. Current U.S. condition ratings are stable at 61% good to excellent, while the Brugler500 index remains unchanged at 356. Notable declines were observed in North Dakota (-26) and Michigan (-13), while improvements were reported in Indiana (+4) and Nebraska (+8).
Ahead of the Wednesday Crop Production report, a Reuters survey projected an average yield of 182.4 bushels per acre, with total production estimated at 15.934 billion bushels. The report also indicates a drop in ending stocks for the old crop to 1.999 billion bushels, down 21 million bushels from last month, while new crop stocks are expected to decrease by 65 million bushels to 1.725 billion bushels.
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