Corn futures experienced downward pressure on Monday, with contracts closing down between 3½ to 6¼ cents, as traders anticipate the USDA reports due on Tuesday. The CmdtyView national average Cash Corn price fell by 6 cents to $4.13 ½.
The USDA reported a private export sale of 145,000 metric tons of corn to unspecified destinations. For the week ending March 26, corn export shipments totaled 1.789 million metric tons (70.45 million bushels), marking a 5.1% increase from the previous week and a 4.14% increase year-over-year. Mexico led as the top destination with 369,416 MT, followed by Japan with 326,353 MT and South Korea with 278,764 MT.
Traders expect the USDA to report 94.37 million acres of corn intentions on Tuesday, a decline of 4.4 million acres from the previous year. Additionally, grain stocks are anticipated to be 9.104 billion bushels as of March 1, up 957 million bushels year-over-year.
