Corn Futures Market News and Commentary
Corn prices were 1 1/4 to 5 1/2 cents lower going home. December prices ended the session 6 1/2 cents off the low as some shorts covered while waiting to see the Crop Progress numbers.
The weekly Crop Progress report showed 93% of 2021/22 corn was dented as of 9/19. The average is for 89%. NASS data showed 57% of the crop reached maturity, up from last week’s 37% and the 47% average for this date. Harvest had progressed 6% points to 10% complete as of 9/19. That is now 1% ahead of the average pace. Harvest in TX was 70% completed as ND corn cutting also began during the week. Corn conditions were up by 1 point on the Brugler500 Index, to 353, as the Good/Ex category improves 1ppt to 59%. Sorghum harvest from the weekly Crop Progress update had reached 25% completion, compared to the 5-yr average of 28%.
USDA’s weekly Export Inspections data showed 403,104 MT of corn was shipped during the week ending 9/16. That was up from 159k MT last week, but trailed 768,084 during... Read more