Prices of mill-quality wheat and maize fell across key spot markets due to the inferior quality of the arrivals in the market which weighed on demand. Heavy rains deteriorated the quality of the grains.

Rains in the last few days have restricted good quality arrivals. Too much moisture has entered bags kept in storehouses. This has reduced the quality of maize which comes to the market.

Corn futures saw 12 to 16 1/2 cent gains in the front months on Monday, with deferred contracts showing more modest gains. The quarterly Grains Stocks report from NASS indicated 2.114 bbu of corn stocks on September 1, coming in well below published estimates.

That final 18/19 stocks total was down 331 mbu from the September S&D projection and a surprising 26 mbu drop from last year. On farm stocks were tallied at 753.3 million bushels, a 21.5% jump from last year.

USDA reported a large export sale of 120,000 MT to Mexico for 19/20 delivery this morning. Afternoon Crop Progress data showed 88% of the corn crop dented by 9/29, with 43% listed as mature vs. the 73% average.

The crop was also shown at 11% harvested, lagging the normal pace of 19%. Condition ratings were unch at 57% gd/ex, with the Brugler500 index down 2 points to 350.

The weekly Export Inspections report from USDA showed just 399,736 MT of corn shipped in the week that ended on September 26. That was a jump of 69.82% from last week but still well below this time in 2018. YTD shipments are now 65.65% lower yr/yr.