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Headlines
- Corn futures experienced modest gains of 1 to 2 cents on Tuesday, rebounding from a weaker Monday session.
- USDA’s Crop Progress report indicates an 85% dented corn crop as of September 16, slightly above the norm, with 45% mature and 9% harvested.
- Export Inspections data revealed a decrease in corn shipments to 521,118 MT, with a significant portion directed to Mexico.
Corn futures recorded modest gains of 1 to 2 cents in Tuesday’s trading, showing a recovery from a weaker close on Monday. The previous session saw contracts decline by 1 to 2 ½ cents. The front month national Cash Corn price from cmdtyView decreased by 2 ¼ cents, reaching $3.75 per bushel. Meanwhile, consumer stocks are also experiencing fluctuations, reflecting broader market trends and economic conditions.
The USDA’s Crop Progress report provided an update on the U.S. corn crop, noting that 85% of the crop was dented by September 16, which is slightly above the average. The crop is 45% mature, surpassing the 38% average, and 9% has been harvested, exceeding the normal rate. Crop ratings improved by 1% to 65% good/excellent, with the Brugler500 index rising by 1 point to 365.
Export Inspections data showed that corn shipments totaled 521,118 metric tons for the week ending September 12. This represents a 37.92% decrease from the previous week and a 22.95% drop compared to the same week in 2023. Most of these shipments were directed to Mexico, which received 328,265 metric tons.
