Corn futures are falling 6 to 7 cents across most contracts so far on Tuesday, as USDA found a few more bushels than the trade had expected in today’s Grain Stocks report. The CmdtyView national average Cash Corn price is down 6 ¾ cents.
This morning’s Grain Stocks report showed September 1 corn stock, both on and off farm, at 1.532 bbu. That was well above the average trade guess of 1.336 bbu, as well as the September WASDE estimate for ending stock, yet still 231 mbu below last year. Very minimal revisions were made to the June stocks data, with 2024/25 production up 25 mbu.
Crop Progress data from Monday afternoon showed a total of 95% of the US corn crop listed as dented and 71% mature. Harvest progressed to 18%, which is still shy of the 19% average pace. Condition ratings were left unchanged this week at 66% gd/ex, with the Brugler500 index steady at 370. By State, IL was up 1 point, with IN improving 2, ND 4 points better, OH up 7, and MI 8 points higher. Deterioration was noted in NE down 6, with SD slipping 4, IA 3 lower and MN dropping 1 point.
The Buenos Aires Grain Exchange estimates the 2025/26 Argentina corn crop at 58 MMT, which is well above the 49 MMT from last year.
Dec 25 Corn is at $4.14 1/2, down 7 cents,
Nearby Cash is at $3.71 1/2, down 6 3/4 cents,
Mar 26 Corn is at $4.31 1/4, down 7 1/4 cents,
May 26 Corn is at $4.41, down 6 3/4 cents,
