Corn futures closed lower on Tuesday, with September corn dropping 4.5 cents to settle at $3.99 1/4 per bushel, while the new crop cash corn price was $3.765, down 4.5 cents. The USDA reported that as of July 20, 56% of the U.S. corn crop was silking, which is 2 points behind the 5-year average.
Rain is forecasted to continue across much of the Corn Belt, with lighter amounts expected in Michigan, Nebraska, Missouri, and the Southern Plains. The Brugler500 index maintained a condition rating of 385, with Iowa showing the strongest ratings and Michigan the weakest among major states.
Additionally, ANEC estimates Brazil’s corn exports for July at 4.14 million metric tons, a decrease from the previously estimated 4.6 million metric tons.
