US Corn Futures Reverses Losses After Monday Surge
Corn futures saw a turnaround in losses on Tuesday morning, with prices down 3 to 4 cents. This follows a Monday surge where bulls added back some risk ahead of the US/China meeting this week.
The CmdtyView national average Cash Corn price was up 15 1/2 cents at $4.98 3/4. Open interest was down just 453 contracts, mainly in the front months.
The USDA's Crop Progress report showed that 58% of the US corn crop is listed as 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 also 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.