On Monday, corn prices experienced losses of 7 to 10 cents across most contracts, with the front month CmdtyView national average cash price down 9 cents at $3.96. Similarly, crude oil prices fell by $2.75 following US strikes on Iranian nuclear facilities over the weekend.
Export inspections data for the week ending June 19 indicated that 1.48 million metric tons (MMT) of corn were shipped, a decline of 12.91% from the previous week, but an increase of 28.07% compared to the same week last year. The top destinations included Mexico with 345,857 MT and Japan with 249,885 MT. Total shipments for the marketing year are at 53.547 MMT (2.108 billion bushels), a rise of 28.51% year-over-year.
In Brazil, the second crop corn harvest is estimated to be 13% complete in the center-south region, significantly lower than the 34% completion rate at the same time last year, according to AgRural.
