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Corn futures increased by 2 to 3 cents on Monday, with December corn closing at $4.21 3/4. Export Inspections data for the week ending October 2 indicated that 1.6 million metric tons (MMT) of corn were shipped, a 3.94% rise from the previous week and 68.74% higher than the same week last year.
Mexico was the largest destination with 457,117 MT, followed by Japan with 231,859 MT and Spain with 207,861 MT. Year-to-date corn shipments reached 6.709 MMT, reflecting a year-over-year increase of 56.06%. The USDA’s Crop Progress report was not published due to the government shutdown, though estimates suggested a 29% corn harvest completion rate, with conditions rated as 65% good/excellent.
In Brazil, the first corn crop planting was reported at 40% as of Thursday, up from 37% last year. Brazilian corn exports in September totaled 7.56 MMT, representing a 10.43% increase from August and a 17.77% rise from the previous year.
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