Corn Prices Drop Amid Weakness in Futures Market
On Tuesday, corn futures experienced losses ranging from 1 to 3.25 cents across most front months. The CmdtyView national average Cash Corn price fell by 3.75 cents to $4.8775 per bushel. According to the Crop Progress report for September 6, 76% of the U.S. corn crop was dented, with 25% mature and harvest at 5%. The condition ratings declined slightly by one percentage point, placing 46% in good to excellent shape. The Export Inspections report showed increased shipments: 1.662 million metric tons (MMT) or 65.4 mbu of corn were shipped during the week ending September 3, up from both the previous week and last year's same period. Mexico was the largest destination with nearly 400,000 MT received. Key price movements included a drop in prices for contracts expiring on September 26 ($5.11), December 26 ($5.335), and March 27 ($5.49). The Brugler500 index remained steady at 347.
Tickers: $CORN