Corn prices are down 1 to 2 cents early on Tuesday. Futures battled back from early Monday losses, as contracts closed with gains of 4 to 4 cents at the final bell. Preliminary open interest was up 2,543 contracts overall, with December dropping 3,604 contracts. The CmdtyView national average Cash Corn price was up 4 at $3.77.
Late on Monday, NASS reported that 74% of the US corn crop was dented, with 25% listed a mature. Initial harvest progress was reported at 4% complete. Condition ratings were down 1%, as expected to 68% gd/ex, with the Brugler500 index down 1 point to 375.
Monday morning’s Export Inspections report showed a total of 1.443 MMT (56.8 mbu) of corn shipped in the week of 9/4, with 649,501 MT for the current MY and 793,409 MT to round out the old. That was up 2.35% above the week prior and 69.8% larger than same week last year. Mexico was the largest buyer of 573,410 MT, with 269,384 MT shipped to Japan and 222,905 MT to Colombia. The 2024/25 marketing year saw 67.76 MMT shipped according to FAS data though actual Census data was 66.13 MMT through July, not including the 6.115 MMT that inspections data reported during August
Sep 25 Corn closed at $4.03, up 4 cents, currently up 1/2 cent
Nearby Cash was $3.77, up 4 cents,
Dec 25 Corn closed at $4.21 3/4, up 3 3/4 cents, currently down 1 1/4 cents
Mar 26 Corn closed at $4.39 1/2, up 3 cents, currently down 1 1/4 cents
