Corn futures declined 5 to 6 cents by midday Tuesday, reflecting continued downward pressure in the market. The CmdtyView national average cash corn price fell 5½ cents to $4.22¾.
The average closing price for December corn during October has been $4.87, which plays a key role in determining the harvest price option for crop insurance programs.
Late Monday, the White House introduced the Harvest Fuel Relief Program, allocating $8 billion in aid to producers affected by rising fuel costs.
The latest Monday Crop Progress report indicated that 44% of the U.S. corn harvest was completed as of October 18—8 percentage points behind the typical pace. Crop condition ratings remained stable, with 56% rated in good to excellent condition. The Brugler500 index rose slightly to 347.
Weather outlook appears supportive for harvest activity, as NOAA’s 7-day Quantitative Precipitation Forecast shows minimal rainfall across much of the Corn Belt over the coming week.
December corn settled at $4.61¼, down 5¾ cents.
Nearby cash prices traded at $4.22¾, down 5½ cents.
March corn futures slipped to $4.75½, off 5 cents.
May corn contracts were quoted at $4.83½, also down 5 cents.
