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]

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]

Group 1 - Soybean futures experienced fractional gains, with November contracts seeing a reduction of 5,084 contracts in open interest [1] - The national average cash bean price increased by 1.25 cents to $9.36 3/4 [1] - Soymeal futures decreased by 40 cents to $3.80, while Soy Oil futures rose by 18 to 35 points [1] Group 2 - Crop Progress data indicated a 2% decline in condition ratings, now at 61% good/excellent [2] - The Brugler500 index fell by 4 points to 358, which is 4 points lower than the same week last year [2] - Some states showed improvement in crop conditions, while others, including Indiana and Iowa, experienced declines [2] Group 3 - Following the suspension of the Argentina export tax, China has reportedly purchased 10-15 cargoes of Argentine beans [3] - November 25 Soybeans closed at $10.12, with a slight increase of 1 cent, while nearby cash was $9.36 3/4, up 1.25 cents [3] - January and March 2026 Soybeans also saw minor increases, closing at $10.31 3/4 and $10.47 3/4 respectively [3]

Core Insights - Corn futures experienced gains of 5 to 6 ¼ cents, with the CmdtyView national average Cash Corn price rising to $3.85 ¼ [1] - The US corn crop is currently 7% harvested, aligning with the 5-year average, but condition ratings have decreased by 1% to 67% good/excellent [2] Group 1: Market Performance - Corn futures closed with gains, with December 25 Corn at $4.29 ½, up 6 ¼ cents, and March 26 Corn at $4.47, up 6 cents [3] - Nearby Cash Corn price increased by 6 ¼ cents to $3.85 ¼, while May 26 Corn closed at $4.56 ¾, up 5 ½ cents [3] Group 2: Crop Conditions - Crop Progress data indicates a decline in condition ratings, with the Brugler500 index dropping 3 points to 372 [2] - Notable increases in crop conditions were reported in Illinois (+2), Nebraska (+3), and Ohio (+1), while significant declines were observed in Indiana (-7), Iowa (-4), Minnesota (-3), Missouri (-3), and North Dakota (-4) [2] Group 3: Harvest and Export Insights - Early harvest reports suggest yields may be lower than last year, raising questions about whether this trend will continue as harvesting progresses [3] - Brazilian corn exports for September are estimated at 7.12 million metric tons, slightly above previous estimates [3]