Corn futures saw significant declines on Monday, with contracts dropping between 2.5 to 13.5 cents, primarily due to favorable weather forecasts and a $7.40 decrease in crude oil prices. The CmdtyView national average cash corn price decreased by 12.5 cents to $4.21 1/4.
The USDA Crop Progress report, released on July 26, indicated that 78% of the U.S. corn crop is currently silking, outpacing the 5-year average by 4 percentage points, and 25% of the crop is in the dough stage. However, U.S. crop condition ratings fell to 63% in good to excellent condition, a 4% drop. Additionally, corn export shipments were reported at 1.488 million metric tons (58.58 million bushels) for the week ending July 23, a decrease of 7.74% from the previous week and 2.88% from the same week last year, with Mexico as the leading destination for shipments.
In Brazil, the second corn crop is 60% harvested in the center-south region, trailing behind the 68% average from the previous year, according to AgRural.
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