Corn Market Posts Historic July Drop

An article on AgWeb

Triple-digit heat indices swept across the Midwest and Plains late last week and into the weekend, and the damage is already showing up in the numbers. USDA’s weekly Crop Progress report released Monday showed the steepest week-over-week decline in corn good to excellent condition ratings for this point in the growing season in nearly 20 years, catching even the most bearish analyst estimates off guard.

USDA now rates the corn crop at 63% good to excellent, 25% fair, and 12% very poor to poor. The four-point drop in the good-to-excellent category from the previous week marks the largest single-week decline of the year, and while a decline in condition ratings was expected, the drop was larger than what the trade expected leading into Monday’s report.For the full article click here