Corn futures for December delivery fell 1 percent, closing at $3.6825 a bushel on the Chicago Board of Trade. The price was previously at its lowest for a most-active contract since July 14, 2010, at $.3675.
Due to advantageous weather, U.S. crops have received the highest rating in ten years. MDA Weather Services in Gaithersburg reports that in the southern portion of the corn and soybean belts, there has been enough rain to grow healthy crops, while the lack of hot temperatures in drier areas will also prove beneficial, according to Bloomberg.
Bill Gentry, a marketing consultant at Risk Management Commodities Inc. in Lafayette, Indiana, recently said in a telephone interview with BusinessWeek, "For the most part, yield expectations continue to climb. The weather is very benign."
According to Bloomberg, the crop has dropped 13 percent this month. The U.S. Department of Agriculture reports that 76 percent of corn stalks were rated in good to excellent condition during the week of July 20th. exceeding the 63 percent from a year ago. This is also the highest since 2004. The Commodity Weather Group told BusinessWeek that corn yield is also said to possibly rise to a record breaking 171 bushels per acre, which would top the government estimate.
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