Corn Slipping Ahead of USDA Report

Market Overview - Corn futures are down 2 to 2 ¼ cents in the front months on Tuesday morning, with the market closing the previous session fractionally lower for front months and up ¾ to 1 ¾ cents for contracts from September '26 and beyond [1] - Preliminary open interest increased by 1,724 contracts on Tuesday, with December down 4,101 contracts and March up 4,903 contracts [1] - The CmdtyView national average Cash Corn price remained steady at $3.78 ¼ on Monday [1] Grain Stocks Report - Analysts surveyed by Bloomberg expect the USDA to report 1.336 billion bushels (bbu) of corn on hand as of September 1, with estimates ranging from 1.26 to 1.45 bbu [2] Crop Progress - As of Monday afternoon, 95% of the US corn crop is listed as dented and 71% is mature, with harvest progress at 18%, slightly below the 19% average pace [3] - Condition ratings remain unchanged at 66% good/excellent, with the Brugler500 index steady at 370 [3] Export Inspections - The Export Inspections report indicated a total of 1.527 million metric tons (MMT) of corn shipped in the week of September 25, which is 10.19% above the previous week and 32.85% larger than the same week last year [4] - Mexico was the largest buyer, importing 663,960 MT, followed by Japan with 251,883 MT and South Korea with 191,564 MT [4] - The marketing year total for corn shipments now stands at 5.097 MMT (200.65 million bushels), which is 52.11% above the same period last year [4]