Corn futures prices show a slight increase on Wednesday morning after a downward trend in the previous session, closing down 2½ to 6 cents, with the national average Cash Corn price at $4.04½, a decrease of 3¼ cents. Newly reported open interest revealed an addition of 13,907 contracts, indicating new selling interest.
As of May 31, 93% of the U.S. corn crop is planted, which is 1 percentage point ahead of normal, and 76% has emerged, 2% faster than average. The initial rating for the corn crop is 67% good/excellent, which is below the 70% estimate and marks a three-year low on the Brugler500 index (371 points). Notably, Ohio’s ratings dropped to 340, while Iowa reported a rating of 399.
The NOAA 7-day forecast predicts less than an inch of rainfall east of the Mississippi River, with the Western Corn Belt expected to receive about ½ inch of rain.
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