Corn futures closed Monday with contracts down 1 to 2 cents, with the CmdtyView national average cash corn price falling by 1.5 cents to $3.95 1/4 per bushel. Export inspections revealed shipments at 1.308 million metric tons (MMT), or 51.49 million bushels, for the week ending February 5, marking a 14.01% increase from the previous week but a 4.19% decline compared to the same week last year.
Mexico was the leading destination for corn with 476,628 MT, followed by Japan at 187,063 MT and Colombia at 135,816 MT. Year-to-date shipments have reached 33.93 MMT (1.336 billion bushels), up 46.72% year-over-year. The USDA’s World Agricultural Supply and Demand Estimates (WASDE) report is anticipated on Tuesday, with an average trade estimate for U.S. ending stocks at 2.215 billion bushels, as Brazil’s corn production is expected to rise by 1.3 MMT to 132.3 MMT.
