Corn Up from 8-month Low

Corn conditions were down and corn prices were up, as corn recovered from an 8-month low and three straight days of losses.

The major change affecting prices from a U.S. Department of Agriculture was the condition of corn rated poor to very poor increased from 4 percent to 5 percent from last week.

“Corn got a little bit of a boost in the crop-conditions report” as conditions didn’t improve “like some of the trade was thinking,” said Mike Zuzolo, the president of Global Commodity Analytics. “That may cause some in the trade who wanted to be extra bearish to back off.”

Bumper corn crops in competitor nations has kept the price of corn suppressed over the last year, especially their next two major competitors Argentina and Brazil, who had record corn harvests during that time.