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Corn futures experienced a decline on Monday ahead of a USDA report scheduled for Tuesday, with contracts down by 2 cents. The CmdtyView national average Cash Corn price decreased by 1.25 cents to $3.98 1/4.
For the week ending December 4, export inspections indicated 1.453 million metric tons (MT) of corn were shipped, a decrease of 10.89% from the previous week but an increase of 36% year-over-year. Mexico was the primary destination, receiving 520,691 MT, followed by Japan at 310,828 MT and Taiwan at 81,209 MT. Year-to-date shipments have reached 20.63 MMT, reflecting a 69.36% increase compared to the previous year.
The USDA’s report on export sales revealed only 979,525 MT of corn sold during the week ending November 6, below trader expectations of 1-2 million MT, marking a low for the marketing year. Analysts anticipate the upcoming WASDE report to show U.S. corn ending stocks at 2.145 billion bushels, a decrease of 9 million bushels from November estimates.
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