Corn prices experienced a slight increase early on Tuesday, with futures rising by 2 to 2.5 cents following a decline of 1 to 5.5 cents on Monday. The CmdtyView national average cash corn price fell to $4.79 3/4, down 5.25 cents. Open interest decreased by 5,437 contracts, primarily in the December contract.
As of September 27, the USDA’s weekly Crop Progress report indicated that 72% of the U.S. corn crop is mature and the harvest is 18% complete, matching the average pace. Good to excellent condition ratings remained steady at 57% with the Brugler500 index unchanged at 347. In the week ending on September 24, corn export shipments totaled 1.566 million metric tons, a decrease of 20.11% from the previous week yet 1.73% higher than the same week last year.
Traders anticipate September 1 corn stocks to be around 1.911 billion bushels, significantly higher than last year’s 1.551 billion, ahead of the upcoming Grain Stocks report from NASS.
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