Corn Ticking Back Lower on Tuesday AM Trade

Corn prices are pulling back to begin the Tuesday session, with contracts down just fractionally to 1 ¼ cents. Futures closed out the Monday session with nearby contracts up 5 to 6 ¾ cents, and deferred contracts down a penny to 2 ¼ cents higher. The national average Cash Corn price from cmdtyView was up 5 cents at $3.90 3/4 per bu.

Grain Stocks data showed a surprising 1.76 billion bushels of corn on hand in both on and off farm stocks as of September 1. That came in 400 mbu above the previous year but was 84 mbu below the average trade guess and down from the 1.812 bbu in the September WASDE. 

After the close, the Crop Progress report tallied 96% of the US corn crop dented, with 75% listed as mature. Harvested was pegged at 21%, which is 3% faster than the 5-year average. Condition ratings were down 1% to 64% gd/ex with the Brugler500 index slipping 1 point to 363.

Export Inspections data from yesterday morning showed 1.14 MMT (44.8 mbu) of corn shipped in the week that ended on September 26. That was slightly below the week prior but 70.13% above the same week last year. That tool the marketing year shipments to 3.33 MMT (131.1 mbu), which is 26.7% larger than last year’s start. 

Dec 24 Corn  closed at $4.24 3/4, up 6 3/4 cents, currently down 1 1/4 cents

Nearby Cash  was $3.90 3/4, up 5 cents,

Mar 25 Corn  closed at $4.41 1/4, up 6 1/4 cents, currently down 3/4 cents

May 25 Corn  closed at $4.50 3/4, up 6 cents, currently down 1 cents