Corn futures extend fifth straight gain as crop ratings slide
December corn futures closed at 523'4 for a fifth consecutive session higher, after Crop Progress showed a larger-than-expected 3% decline in good-to-excellent conditions.
Grain futures demonstrated resilience as early morning weakness gave way to a strong close across the complex.
December Corn futures reached 523'4, marking a fifth consecutive session of gains and pushing the RSI to its most overbought reading since March.
The latest Crop Progress report revealed a larger-than-expected 3% decline in good-to-excellent corn conditions.
In the soy complex, November Soybean futures rallied nearly 20 cents off their early lows, supported by a flash sale of 132,000 metric tons to unknown destinations.
Soybean crop conditions also slightly underperformed estimates, slipping 1% to 60% good-to-excellent.
Meanwhile, December Chicago Wheat futures finished higher despite spring wheat harvest progress coming in 5% ahead of market expectations at 62% complete.