Corn prices experienced a decline of 1 to 2.25 cents in morning trading on Tuesday, following pressure from the previous day that resulted in futures closing down between 3.5 to 6.25 cents. The CmdtyView national average cash corn price is now reported at $4.13 1/2, down 6 cents. Open interest rose by 8,424 contracts, indicating renewed selling interest primarily in old crop corn.
On Monday, the USDA announced a private export sale of 145,000 MT of corn to unspecified destinations. For the week ending March 26, corn export shipments reached 1.789 MMT, marking a 5.1% increase from the previous week and a 4.14% rise from the same week last year, with Mexico as the top destination importing 369,416 MT.
Ahead of the USDA’s March Intentions report, traders anticipate the report will show 94.37 million acres of corn, a decrease of 4.4 million acres from the previous year. Additionally, grain stocks are expected to be reported at 9.104 billion bushels for March 1, an increase of 957 million bushels from last year.
