Corn Prices Reversal: Tuesday Weakness Follows Monday's Gains
Corn prices started Tuesday morning on a downward trend, losing between 2 to 4.5 cents from Monday's gains. The futures market, however, had posted increases of 1.25 to 3.5 cents across the board on Monday.
The September futures contract expired with a gain of 1.75 cents at $5.12, while open interest rose by 10,360 contracts on Monday. This suggests new buying activity in the market.
According to the Crop Progress report, 86% of the US corn crop was dented as of September 13, with 42% listed as mature and harvest at 8% complete. Condition ratings were back up by 1 percentage point this week at 57% in good to excellent condition.
The Export Inspections report showed corn shipments at 1.525 MMT (60.06 mbu) in the week of September 10, down 8.91% from the previous week and 0.54% shy of the same time last year. Mexico was the largest destination for corn exports, followed by South Korea and Japan.