Corn Prices Steady Ahead of USDA Data
Corn prices are showing little movement on Tuesday morning, with contracts trading fractionally lower. This comes after futures closed out Monday's session with contracts down ¾ to a penny higher across the board. Open interest was down 15,180 contracts on Monday, largely due to a rollover of September positions.
The USDA reported a private export sale of 105,000 MT of corn to unknown destinations on Monday morning, all for 2026/27. The crop progress report showed 94% of the US corn crop silking by August 9, with 61% in the dough stage and 16% dented.
US condition ratings were steady at 61% good to excellent, while the Brugler500 index remained unchanged at 356. The Export Inspections report showed corn shipments of 1.74 MMT (68.5 mbu) in the week of 8/6, up 14.29% from the same period last year but 7.83% below the previous week.
Ahead of the August Crop Production report from NASS next Wednesday, a Reuters survey of analysts predicts expected yield at 182.4 bushels per acre, with production estimated at 15.934 bbu and ending stocks seen at 1.999 bbu for old crop and 1.725 bbu for new crop.