Corn Prices Slip Back on Tuesday Morning

The price of corn on Tuesday morning is lower by up to 1.25 cents compared to its early session highs, despite gains of 3 to 7.75 cents across most contracts at the end of Monday's trading.

Futures prices for September corn dropped 40,500 contracts, while open interest increased by 4,744 contracts.

The CmdtyView national average Cash Corn price rose by 7.75 cents to $4.63 per bushel, but condition ratings for the US corn crop fell 3% this week to 57% in good to excellent condition, down from 60% last week.

Monday's Export Inspections report showed corn shipments at 1.296 million metric tons (51.03 million bushels) in the week of August 20, a decline of 33.32% from the previous week and 3.16% below the same week last year.