Drought-like conditions across much of the U.S. corn belt, particularly in the eastern corn belt, is driving the markets this week.
"At this point, the weather is the game," said Jerry Gidel, analyst with Rice Dairy.
Forecasts for the next 10 days continue to call for hot and dry weather. That is causing increasing anxiety as the crop is approaching its pollination phase.
The weather is already stressing the crop, analysts say, as evidenced by the U.S. Department of Agriculture's weekly crop progress report Monday. The USDA reported 63% of the corn crop was rated good-to-excellent, down from 66% last week and 70% a year ago. The drop was bigger than most traders were expecting.