Corn Facing Early Turnaround Tuesday Weakness
Corn prices are back down 2 to 4 ½ cents on Tuesday morning. Futures posted gains of 1 ¼ to 3 ½ cents across the board on Monday. September futures expired up 1 ¾ cents at $5.12. Open interest was up 10,360 contracts on Monday suggesting new buying. There were 43 deliveries against September corn on the last trade day. The CmdtyView national average Cash Corn price was up 3 1/4 cents at $4.87.
The weekly Crop Progress report tallied 86% of the US corn crop dented as of September 13, with 42% listed as mature and harvest at 8% complete. Condition ratings were back up 1 percentage point this week at 57% in good to excellent condition, as the Brugler500 index held steady at 347.
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Monday morning’s Export Inspections report showed corn shipments at 1.525 MMT (60.06 mbu) in the week of September 10. That was down 8.91% from the week prior and 0.54% shy of the same week last year. Mexico was the largest destination of 478,113 MT, with 275,525 MT shipped to South Korea and 207,502 MT to Japan. Marketing year shipments are 2.174 MMT (85.57 mbu) through the first 10 days of the new MY and just 0.46% below the same time for 2025/26.
CONAB data was released this morning showing the 2025/26 corn crop in Brazil at 144 MMT, a 1.04 MMT increase from the previous number. APK-Inform estimates the Ukrainian corn crop at 32.3 MMT for 2026/27, which was a 2.5 MMT increase from their previous number. They also estimate corn exports for the marketing year at 22 MMT.
Dec 26 Corn closed at $5.33 1/4, up 3 cents, currently down 4 1/4 cents
Nearby Cash was $4.87 1/1, up 3 1/4 cents,
Mar 27 Corn closed at $5.48, up 2 1/2 cents, currently down 4 cents
May 27 Corn closed at $5.55 1/4, up 2 1/4 cents, currently down 4 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
