Corn declined for the first time in six days after a government report said the condition of the U.S. crop was improving following favorable weather, increasing the prospect for higher yields.
Futures in Chicago dropped as much as 0.7%, trimming the previous day’s 1.1% gain. About 77% of the corn crop was rated good or excellent as of June 13, up from 76% a week earlier and 70% a year earlier, USDA said in a recent report.
“U.S. corn crop conditions remain fantastic and even improved slightly last week,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, wrote.
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Despite some flooding in areas, it looks like this year's corn crop is off to a great start, which should be a relief for producers looking to lock in corn prices for the fall. How does the corn crop look in your area?