US Corn Futures Rise Amid Steady Crop Progress
Corn futures began the new week on a positive note, posting gains of 1¼ to 3½ cents across the board. The September futures contract expired up 1¾ cents at $5.12, while the CmdtyView national average Cash Corn price was up 3 1/4 cents at $4.87.
The US corn crop is progressing steadily, with 86% of the crop dented as of September 13, and 42% listed as mature. The harvest is 8% complete, according to the weekly Crop Progress report. Condition ratings were back up 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 week last year. Mexico was the largest destination, receiving 478,113 MT, followed by South Korea with 275,525 MT and Japan with 207,502 MT.