As of Tuesday’s midday trading, corn futures are showing fractional losses, with the CmdtyView national average cash corn price at $3.84 3/4, down 1/2 cent. The July 26 corn futures are trading at $4.14 3/4, down 3/4 cent, while the September and December futures are at $4.23 (up 1/4 cent) and $4.42 3/4 (up 1 cent) respectively.
According to the latest Weekly Crop Progress data, 94% of the U.S. corn crop had emerged by June 14, exceeding the 5-year average by 1%. The current condition ratings indicate that 68% of the crop is in good to excellent condition, an increase of 1 percentage point from the previous week.
Forecasts predict significant rainfall across much of the U.S. growing region, with at least an inch expected in the Western Corn Belt. East and south areas could see 2 to 4 inches of rainfall, particularly from eastern Nebraska to western Pennsylvania and southern Minnesota, Wisconsin, and Michigan.
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