Corn Futures Rebound After Monday's Losses
Corn futures are showing signs of recovery on Tuesday after losing value on Monday. Prices have bounced back by 2 to 2.5 cents, a welcome turn around from the losses seen in the previous trading session.
On Monday, contracts plummeted by 1 to 5.5 cents across the board, pulling off some early lows at the close. Open interest was also down on Monday, with a decline of 5,437 contracts mainly in the December contract.
The recent NASS Crop Progress report showed that 72% of the US corn crop has matured as of September 27, with harvest progress matching average pace at 18%. Condition ratings remain steady this week at 57% in good to excellent condition, as the Brugler500 index remains unchanged at 347.
The USDA's weekly Export Inspections report revealed that corn export shipments totaled 1.566 MMT (61.65 mbu) during the week ending on September 24. This marks a decrease of 20.11% from the previous week but is still 1.73% above the same period last year.