The rains of the past few weeks have not helped to improve crop conditions, and the rain outlook for Iowa is limited. Ideas that permanent yield damage occurred with the heat and dryness in the third week of July helped to support. December corn found support yesterday due to dry conditions that continue to linger in the southern and central sections of Iowa. The weekly conditions report showed 60% was rated good/excellent compared to 61% last week and 74% last year. The big surprise was Illinois dropping 5% down to 58% compared to 63% before. This is the time of year where we expect corn conditions to hold steady or decline and rarely improve. With Iowa and Illinois missing out on beneficial rains over the last week and a dry forecast for the next ten days, further declines in condition ratings are possible even with cooler than normal temperatures forecasted. Traders may recall that Iowa, Nebraska, Kansas, and southern Illinois experienced high 90’s and even low 100’s for several days in the last two weeks of July during pollination. With continues “hit or miss” rains into August, many areas in Illinois are starting to show stress. Next big resistance is at 396 and 401 for December.
Dec ’17 Corn Daily Chart