Corn futures declined by 1 to 2 ¼ cents on Monday, with the CmdtyView national average cash corn price falling to $3.91 1/4. During the week ending January 22, USDA’s FGIS reported corn export shipments at 1.51 MMT (59.45 million bushels), marking an increase of 1.63% from the previous week and 20.74% higher than the same week last year.
Mexico was the primary destination for exports, receiving 402,936 MT, followed by Japan with 265,122 MT and Spain with 210,763 MT. Total corn export commitments for the marketing year reached 56.045 MMT, 34% above last year’s figures and 69% of the USDA’s record export estimate. Additionally, AgRural reported that Brazil’s first corn crop is 5% harvested, ahead of the 2.2% pace last year, with the country’s total corn crop estimate raised to 136.6 MMT.
