The price of US corn continued to recover yesterday, climbing for the second consecutive day from the six-week low it hit at the beginning of the week. The September contract closed trading at $3.69 per bushel. That said, the still high expectations of this year's crop and the high global stocks mean that US corn gained less than one might have expected given the low price level.
So far, the dry conditions in the eastern growing areas of the US have not had any adverse impact on plant quality. Soybeans were also pulled up by corn: the price for the futures contract with a November maturity date climbed to $9.42 per bushel, notes Commerzbank.
