Corn price action is down 1 to 2 cents so far on Tuesday AM trade. Futures were busy shrugging off the overnight losses, with contracts closing 6 to 8 ½ cents higher across most months. Open interest was down 6,336 contracts, implying some short covering. The CmdtyView national average Cash Corn price as up 9 3/4 cents at $4.20.
The weekly Crop Progress report showed 90% of the US corn crop silking by August 2, with 43% in the dough stage, 5 percentage points ahead of normal. The crop was also 6% dented. US condition ratings slipped another 2% at 61% in good to excellent condition, as the Brugler500 index were down 5 points to at 356.