Corn price action is back down 3 to 3 ½ cents early on Tuesday. Futures posted Monday strength, holding the gains into the close. Contracts were up 2 to 3 cents across most nearbys. Preliminary open interest was down 36,749 contracts on Monday, suggesting some short covering. The CmdtyView national average Cash Corn price was down 2 1/4 cents at $3.68 1/2.

Crop Progress data showed the US corn crop at 94% silking, with 58% in the dough stage. The crop was also listed at 14% dented as of Sunday. Conditions slipped 1 point this week, to 72% gd/ex and 383 on the Brugler500 index.

Monday morning’s Export Inspections report showed a total of 1.492 MMT (58.74 mbu) of corn shipped in the week of 8/7. That is up 16.13% above previous week and 51.28% larger than the same week in 2024. Mexico was the buyer of 500,209 MT, with 261,366 MT headed to Japan and 198,072 MT to 198,072 MT. Marketing year shipments are now at 63.127 MMT (2.485 bbu), which is 28.98% above the same period last year.

Ahead this morning’s USDA Crop Production report, analysts are expecting 184.3 bpa for a national corn yield with a wide range of 181 to 189. Production is pegged at 15.995 billion bushels, which would be up 290 mbu from last month’s WASDE total. Old crop corn stocks are estimated to be pegged at 1.325 bbu, down 15 mbu from last month. New crop is expected to be up 240 mbu to 1.9 bbu.

A South Korean importer purchased a total of 65,000 MT of corn in a tender overnight.

Sep 25 Corn  closed at $3.85, up 2 1/4 cents, currently down 3 1/4 cents

Nearby Cash  was $3.68 1/2, up 2 1/4 cents,

Dec 25 Corn  closed at $4.07 3/4, up 2 1/4 cents, currently down 3 cents

Mar 26 Corn  closed at $4.25 1/4, up 2 1/4 cents, currently down 3 1/2 cents

New Crop Cash  was $3.64 1/4, up 2 1/4 cents,