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Corn prices showed stability on Tuesday, with futures rising by 1.25 cents after a decline of 2 to 3 cents on Monday. The CmdtyView national average for cash corn is $3.99. Open interest decreased by 8,707 contracts, primarily in the front two contracts, and 76 deliveries were issued against December futures overnight.
In the week of November 27, Export Inspections reported shipments of corn totaling 1.421 million metric tons (MMT), a 49.79% increase from the same week last year but a 16.18% decrease from the previous week. Japan was the largest buyer with 431,700 MT, contributing to an accumulated total of 18.97 MMT (746.7 million bushels) for the marketing year, which is 70.69% above last year.
For the week ending October 23, Export Sales data revealed sales of 1.8 MMT, a 36% decrease from the prior week, with accumulated sales now 37% above last year at 35.37 MMT.
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