US Corn Futures Surge on Strong Export Shipments and Crop Progress

Corn futures saw significant gains on Monday as bulls returned to the market ahead of the US-China meeting this week. Contracts rose by 3 ¼ to 15 ½ cents at the close, with front months leading the way. The CmdtyView national average Cash Corn price also increased, up 15 1/2 cents to $4.98 3/4.

The Crop Progress report released on Monday showed that 58% of the US corn crop is now mature as of September 20, with harvest at 13% complete and ahead of the 11% average pace. Condition ratings improved slightly, up 1 percentage point to 57%, while the Brugler500 index held steady at 347.

The USDA's Foreign Agricultural Service reported that corn export shipments were strong during the week ending September 17, with 1.938 MMT (76.32 mbu) shipped, a 24.9% increase from the previous week and 39.87% above the same period last year. Japan was the top destination for corn exports, followed by Mexico and Colombia.

US Treasury Secretary Janet Yellen met with Chinese counterparts over the weekend in preparation for this week's meeting between the leaders of the two countries. Meanwhile, Brazil's first corn crop is estimated to be 27% planted as of Thursday, ahead of the 25% pace from last year.