Corn Prices Drop After Gains, Market Reacts to Crop Progress Report
On Tuesday morning, corn prices fell by 2 to 4.5 cents following gains of up to 3.5 cents the previous day. September futures expired at $5.12 after rising 1.75 cents on Monday with increased open interest suggesting new buying activity. The national average Cash Corn price rose 3.25 cents to $4.87, while crop progress data showed that 86% of U.S. corn was dented as of September 13. The Export Inspections report revealed a decline in corn shipments for the week ending September 10 by 8.9%, with Mexico being the largest destination. Brazil and Ukraine also released updated production estimates, showing slight increases from previous forecasts. Despite these developments, market sentiment remains cautious as prices fluctuate following Monday's gains. The Brugler500 index remained stable at 347 while corn condition ratings improved by one percentage point to 57% in good-to-excellent shape.
Tickers: $CORN
Topics: corn crop progress report export inspections futures trading