Corn Prices Dip After Futures Surge Ahead of US-China Meeting
The corn market opened on Tuesday morning with price action down by 3 to 4 cents. This comes after a surge in futures money flow on Monday, which saw bulls adding back some risk ahead of the US-China meeting this week.
Monday's Crop Progress report showed that 58% of the US corn crop is mature as of September 20, with harvest at 13% complete and ahead of the 11% average pace. Condition ratings were back up 1 percentage point this week at 57% in good to excellent condition.
The USDA's FGIS tallied corn export shipments at 1.938 MMT (76.32 mbu) during the week ending on September 17, which was up 24.9% from the week prior and 39.87% above the same week last year. Japan was the top destination of 591,923 MT, followed by Mexico with 540,979 MT and Colombia with 259,441 MT.