Corn futures gained 4 to 5.5 cents on Monday, with the CmdtyView national average cash corn price rising 5 cents to $4.35. The Export Inspections report for the week ending August 13 revealed corn shipments of 1.91 million metric tons (MMT), an 8.55% increase from the prior week and 81.71% higher compared to the same week last year. Major destinations included Mexico (699,695 MT), Japan (499,733 MT), and Colombia (141,496 MT), bringing total exports for the marketing year to 80.95 MMT, which is 26.05% ahead of the same period last year.
The ProFarmer Crop Tour, commencing this week, will cover regions in South Dakota, Ohio, Indiana, and Nebraska, assessing yield results. Additionally, as of August 11, managed money spec traders held a net long position of 166,770 contracts in corn futures and options, a reduction of 15,176 contracts from the previous week. In Brazil, AgRural reports the second corn crop is 85% harvested, trailing the 94% average pace from last year.
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