July numbers previously reached record highs on decreased supply predictions. Warm weather and rain will maintain favorable growing conditions, according to analysts.
December corn futures hit $6.7475 per bushel on the Chicago Board of Trade on June 14, a one-month low, on reports that favorable weather may boost yields in the U.S.
On June 10, July corn futures reached a record $7.9975 per bushel on the CBOT after updated reports decreased U.S. harvest predictions by 2.3%. “The markets are focused on rapid planting progress and improving crop conditions,” said Nate Smith, a broker at the Linn Group in Chicago. Warmer weather and some rain are expected to maintain favorable growing conditions. Roughly 69% of the U.S. corn crop was in good or excellent condition as on June 12, up from 67% a week earlier, according to the U.S. Department of Agriculture.
As of 8:29 a.m. on June 15, corn was trading at $7.51 per bushel.