Corn futures are experiencing losses of 2 to 3 cents as of Monday, with September 25 Corn trading at $3.87 1/2, December 25 Corn at $4.08, and March 26 Corn at $4.25 1/2. Preliminary open interest fell by 10,784 contracts as of Friday, while the CmdtyView national average cash corn price decreased by 2 3/4 cents to $3.70 3/4.
Export inspections data for the week ending July 31 revealed shipments of 1.208 million metric tons (MMT) of corn, down 21.18% from the previous week and 5.08% year-over-year. Notably, Mexico was the largest importer with 572,682 MT, followed by Colombia with 182,950 MT and Japan with 147,823 MT. Cumulative marketing year shipments stood at 61.56 MMT since September 1, a 28.36% increase year-over-year.
Additionally, June grain crushing data indicated that 447.97 million bushels of corn were utilized for ethanol production, up 0.8% from the previous month and 0.41% from June 2024. The Brazilian corn second crop is estimated at 111.7 MMT, an increase of 3.5 MMT from earlier forecasts.
