Corn holds rally above $4.6 near 13-week peak

Corn futures held their recent rally to above $4.6 per bushel, near a thirteen-week high as traders weighed fresh crop assessments from the Pro Farmer Crop Tour and robust export demand.

Early field observations pointed to drought damage in South Dakota and uneven crop maturity in Ohio, raising concerns that actual yields could fall short of USDA’s latest estimate of 180.7 bushels per acre.

USDA’s Crop Progress report showed 76% of the US corn crop had reached the dough stage by August 16, with 29% dented and 4% mature, while the share rated good-to-excellent fell to 60% from 61% a week earlier.

Meanwhile, weekly US corn export inspections jumped 81.7% year-on-year to 1.91 million tonnes, with Mexico, Japan and Colombia among the top destinations.

Cumulative shipments reached 80.95 million tonnes, or 26.1% above the same period last year, underscoring firm overseas demand.

Brazil’s second-crop harvest was also only 85% complete, below the 94% average pace, adding further support.