Corn futures settled 2 1/2 cents higher in the front months on Monday. Generalized ag commodity buying helped to support corn values.

The weekly Export Inspections report showed a multiyear low 233,993 MT in corn shipments during the week of 9/19. That was down 44.7% from the previous week and more than 5 times less than the same week last year.

Weekly Crop Progress data from NASS this afternoon showed the US corn crop 79% dented (94% avg), with 29% listed as mature (57% avg) by 9/22.

Harvest progressed to 7%, 4% below the normal pace. Condition ratings were up 2% to 57% gd/ex, as the Brugler500 index rose 4 points to 352.

 

Soybeans futures saw 7 to 9 3/4 cent gains in the nearby contracts to start the week. There were wire reports of Chinese importers buying ~600,000 MT of US soybeans out of the PNW this morning.

Soybean meal was up $3.40/ton, with soy oil 9 points lower. NASS reported that 34% of the US soybean crop had leaves dropping as of Sunday, with the normal pace at 59%.

As expected, condition ratings were left unch at 54% gd/ex, with a 1% move from very poor to fair causing the Brugler500 to rise 2 points to 347.

Weekly Inspections data from USDA indicated that 922,550 MT of soybeans were exported for the week ending on Sep 19. That was 38% above last week and 28.25% larger than this week in 2018.