**Corn Futures Update – January 6, 2023**
Corn futures ended the session on January 6 with March contracts closing at $4.45 ¾, down ¼ cent, while the national average cash corn price fell ¼ cent to $4.07 ¼. This week, March contracts posted an 8 ¼ cent gain as traders prepared for the USDA’s quarterly Grain Stocks report set to release on January 9, with estimates for December 1 corn stocks averaging 12.962 billion bushels (bbu).
As of January 1, U.S. corn export commitments reached 50.895 million metric tons (MMT), reflecting a 30% increase from the previous year and accounting for 63% of the USDA’s export projection for the marketing year. Actual shipments stood at 27.414 MMT, representing 34% of the forecast and exceeding the usual shipping pace of 24%. Additionally, South Korean importers secured 339,000 MT of corn in recent tenders.
