Corn Prices Plummet Following Monday's Gains
Corn prices are experiencing an early downturn on Tuesday morning, with futures down 2 to 4.5 cents. This comes after a gain of 1-3.5 cents across the board on Monday, when September futures expired up 1.75 cents at $5.12.
The Open Interest was up 10,360 contracts on Monday, indicating new buying, while there were 43 deliveries against September corn on the last trade day. The CmdtyView national average Cash Corn price was up 3.25 cents at $4.87.
The weekly Crop Progress report showed that 86% of the US corn crop is dented as of September 13, with 42% listed as mature and harvest at 8% complete. Condition ratings were back up 1 percentage point this week at 57% in good to excellent condition, as the Brugler500 index held steady at 347.
On Monday morning's Export Inspections report, corn shipments were down 8.91% from the previous week and 0.54% shy of the same week last year. Mexico was the largest destination of 478,113 MT, with 275,525 MT shipped to South Korea and 207,502 MT to Japan.