Corn futures are experiencing modest gains on Tuesday, with current trading at $4.41 1/4 for July contracts, marking a half-cent increase. The national average cash corn price rose by one cent to $4.09 3/4. Key data from the USDA shows that as of July 5, 16% of the U.S. corn crop is silking, surpassing the 5-year average by 2 percentage points, while 3% is in the dough stage. The crop condition remains stable, with 67% rated good to excellent.
Additionally, the Commodity Futures Trading Commission (CFTC) reported a reduction in the managed money net short in corn futures and options, decreasing by 23,482 contracts to 46,209 as of June 30. State-specific improvements were noted in Michigan (+19), Minnesota (+7), and South Dakota (+5), while declines were observed in Texas (-14) and Ohio (-12).
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