Corn futures declined by 3 to 6 cents on Monday, with March contracts down 6 cents to $4.32 3/4. Deliveries reached 448 on Friday night, while the CmdtyView national average cash corn price increased by 3.75 cents to $4.03 3/4.
According to export inspections data for the week ending February 26, corn shipments totaled 1.858 million metric tons (MT), down 8% from the previous week but representing an increase of 37.41% from the same week last year. The majority of shipments went to Mexico (521,921 MT), followed by South Korea (269,686 MT) and Japan (221,965 MT). Year-to-date shipments stand at 39.619 million MT, up 42.29% year-over-year.
Brazil’s first crop corn harvest is currently 36% complete, lagging behind last year’s 46% completion rate. The second crop is 66% planted in the center-south region, below the 80% rate from last year. Estimated production for Brazil’s corn crop is 141.71 million MT, a slight decrease from previous estimates.
