Corn price action is 1 to 2 ¼ cents so far on Tuesday morning. Futures closed the Monday session holding onto the rally and closing near the highs, up 14 ½ to 16 ¼ cents across the front months and 8 to 10 ½ cents higher in the deferreds. Short covering was noted, with open interest dropping 5,923 contracts, mainly in the front three contracts. There were another 9 deliveries issued against July corn overnight. The CmdtyView national average Cash Corn price was 15 cents higher at $4.08 3/4.
The weekly Crop Progress report showed 16% of the US corn crop silking by July 5, 2 percentage points ahead of the 5-year average, with 3% in the dough stage. US condition ratings were left at 67% in good to excellent condition, as the Brugler500 index was also steady at 371.
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