Corn futures are down 2 to 2 ¼ cents in the front months on Tuesday morning. The corn market closed out the Monday session with front months fractionally lower and contracts for September ’26 and beyond up ¾ to 1 ¾ cents. Preliminary open interest was up 1,724 contracts on Tuesday, with December down 4,101 contract and March up 4,903 contracts. The CmdtyView national average Cash Corn price was steady at $3.78 ¼ on Monday.
Heading into this morning September 30 Grain Stocks report, analysts surveyed by Bloomberg are looking for USDA to show 1.336 bbu of corn on hand as of September 1. The range of estimates is 1.26 to 1.45 bbu. The trade will be watching for any surprises via the feed and residual category.
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.
Monday morning’s Export Inspections report showed a total of 1.527 MMT (60.12 mbu) of corn shipped in the week of 9/25. That was 10.19% above the week prior and 32.85% larger than same week last year. Mexico was the largest buyer of 663,960 MT, with 251,883 MT shipped to Japan and 191,564 MT to Sough Korea. The marketing year total is now at 5.097 MMT (200.65 mbu) shipped, which is 52.11% above the same period last year.
Dec 25 Corn closed at $4.21 1/2, down 1/2 cent, currently down 2 cents
Nearby Cash was $3.78 1/4, unch,
Mar 26 Corn closed at $4.38 1/2, down 1/4 cent, currently down 2 1/4 cents
May 26 Corn closed at $4.47 3/4, down 1/4 cent, currently down 2 1/4 cents
