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Corn Futures Climb as Traders Await Pro Farmer Crop Tour Results
Corn futures on the Chicago Board of Trade (CBOT) advanced on Monday as traders awaited crucial field data from this week's Pro Farmer crop tour. The most-active corn contract rose 6-1/4 cents to settle at $4.89-1/2 per bushel.
Focus on Crop Yields
The market is anticipating that the Pro Farmer tour will offer a detailed, on-the-ground assessment of corn and soybean production potential. This follows a report last week from the U.S. Department of Agriculture (USDA) which lowered its own official yield forecasts, setting a cautious tone for supply expectations.
Investors are also looking ahead to the USDA's weekly crop ratings report, scheduled for release Monday afternoon, for a more immediate update on current field conditions across the U.S. grain belt.
AdWeather and Harvest Pressures
Recent heavy rainfall and flooding in parts of the U.S. Midwest have heightened concerns among traders about the potential for crop diseases and other harvest-related losses. These weather-related risks are contributing to upward pressure on prices.
Meanwhile, international supply factors are also in focus. According to agricultural consultancy AgRural, the harvest of Brazil's second corn crop was 85% complete as of last Thursday. While this is an increase from 79% the prior week, it lags the 94% completion rate seen at the same time last year.
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