Corn futures are experiencing a rise of 1 to 2 ½ cents as trading begins on Tuesday morning. The market closed on Monday with fractional to 4 cent gains, bolstered by pre-report positioning and a significant U.S. export figure. CmdtyView reports that the national average cash corn price increased by 3 ½ cents, reaching $4.32 ½.

The Monday morning Export Inspections report indicated that 1.819 million metric tons (MMT) of corn were shipped in the week ending March 6—this is a high for the marketing year (MY). This figure represents a 34.54% increase from the previous week and is 56.04% higher than the same week last year. The largest export destination was Japan, which received 399,293 MT, followed by Mexico at 391,083 MT and South Korea at 209,098 MT. Year-to-date exports have now reached 29.078 MMT (1.145 billion bushels), marking a 33% increase compared to the same week last year.

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Looking toward the USDA report expected later today, analysts anticipate a reduction of 24 million bushels (mbu) in the U.S. corn carryout projection, bringing it down to 1.516 billion bushels. On the global front, traders expect Argentina’s total production to be cut by 1 MMT to 49 MMT, with Brazil remaining unchanged at 126 MMT. Furthermore, analysts believe the world carryout may decrease by 0.38 MMT to 289.93 MMT.

AgRural has estimated that Brazil’s second corn crop is currently 92% complete as of last Thursday.

Additionally, a South Korean importer acquired 133,000 MT of corn overnight.

As of March 25, the corn futures closed at the following prices:

• Mar 25 Corn: Closed at $4.58 ¾, up 3 ½ cents, currently down ¾ cents
• Nearby Cash: $4.32 ½, up 3 ½ cents
• May 25 Corn: Closed at $4.72, up 2 ¾ cents, currently up 2 ½ cents
• Dec 25 Corn: Closed at $4.55, up ¾ cent, currently up 1 ¼ cents
• New Crop Cash: $4.20 ¾, up ¾ cent

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. For more details, please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.