Corn prices declined by 2 to 4 cents on Tuesday following bearish USDA data released on Monday. March futures closed down 24 ¼ cents, currently sitting at $4.21 ½. The CmdtyView national average cash corn price also dropped by 24 cents to $3.83 ¼. Additionally, preliminary open interest increased by 44,360 contracts, indicating new selling interest. Deferred contracts fell between 5 to 14 ½ cents.
The USDA reported a private export sale of 204,000 MT of corn to South Korea and another 310,000 MT to unknown destinations. However, recent reports noted U.S. corn yield at 186.5 bpa, with production rising to 17.021 billion bushels (bbu), an increase of 269 million bushels from November. December 1 corn stocks were estimated at 13.282 bbu, 1.207 bbu higher than the previous year.
World ending stocks were raised to 290.91 million metric tons (MMT), influenced by a U.S. increase and a 6.24 MMT rise in Chinese production. The latest export inspections report showed 1.49 MMT (58.66 million bushels) of corn shipped in the week of January 8, a 12.75% increase from the previous week and 3.4% larger than the same period last year, with Mexico as the largest destination.
