Corn prices experienced their biggest five-day drop in nearly 20 years as they decreased 13 percent from July 16 to July 23, according to Bloomberg.com. The decline in prices was a result of crop conditions faring much better than initially speculated after severe flooding drenched the Midwest last month.

Approximately 65 percent of the crop was in good or excellent condition as of July 20, compared with 64 percent a week before and 62 percent a year earlier, the U.S. Department of Agriculture (USDA) said.

With crops in good condition, corn prices for July are down 21 percent, which makes it the second-worst performer behind natural gas in the Rogers International Commodity Index. The index has dropped 9.6 percent in July.

“This round of selling may be nearing an end,” said Ron Mortensen, president of Advantage Ag Strategies Ltd. in Fort Dodge. “No one really knows how big the crop will be this year, so it’s time for some consolidation.”

New crop conditions will be released today by the USDA and the situation was expected to improve from last week. However, with the severe weather that has swept through the area, new numbers could tell a different story.

“The market is expecting crop conditions to improve for a seventh straight week,” Mortensen said. “The crop in Iowa did not improve this week because it was too wet and cloudy,” slowing plant growth and increasing risks for freeze damage, Mortensen said.