Corn futures saw a modest increase of 3 to 4 cents in most nearby contracts on Tuesday, with July futures closing at $4.31 1/2, down 3 1/4 cents. The national average Cash Corn price also declined by 3 1/4 cents to $4.08 1/4.
The USDA Crop Progress report revealed that 72% of corn is rated good/excellent, a 1-point increase. However, condition ratings varied across states, with Indiana and Iowa down 4 points and Texas down 16 points, while Nebraska improved by 8 points. ANEC estimated Brazil’s corn exports for June at 913,316 metric tons.
The weekly EIA report is expected on Wednesday, as traders anticipate robust demand for ethanol production.
