Corn Starting October with Continued Weakness

Core Insights - Corn prices have decreased by 2 to 3 ¼ cents in the morning session, following a drop of 6 to 7 cents in futures on Tuesday due to higher-than-expected corn stocks reported by USDA [1][2] - The USDA's Grain Stocks report indicated that September 1 corn stocks were at 1.532 billion bushels, exceeding trade expectations of 1.336 billion bushels, but still 231 million bushels lower than the previous year [2] - The Buenos Aires Grain Exchange forecasts Argentina's corn crop for 2025/26 at 58 million metric tons, significantly higher than last year's 49 million metric tons [4] Market Data - Preliminary open interest rose by 11,836 contracts on Tuesday, indicating new selling interest in the corn market [1] - The CmdtyView national average cash corn price fell by 6 cents to $3.72 ¼ [1] - December 25 corn futures closed at $4.15 ½, down 6 cents, while March 26 and May 26 corn futures closed at $4.32 and $4.41 ¾ respectively, both down 6 ½ and 6 cents [4] Crop Condition Ratings - Crop condition ratings showed improvements in several states: Illinois up 1 point, Indiana up 2 points, North Dakota up 4 points, Ohio up 7 points, and Michigan up 8 points [3] - Deterioration was noted in Nebraska down 6 points, South Dakota down 4 points, Iowa down 3 points, and Minnesota down 1 point [3]