Corn futures closed lower on Tuesday, with contracts down 1 to 2 cents in the front months. The CmdtyView national average Cash Corn price fell by 1.5 cents to $3.90 ¾. Notably, the USDA reported a private export sale of 110,000 metric tons of corn to unknown destinations.
Additionally, a sale of 306,000 metric tons of sorghum was reported to unknown buyers. As the EIA data is expected on Wednesday, industry analysts are anticipating a potential decline in ethanol output for the week ending last Friday. Meanwhile, ANEC estimates Brazil’s January corn export total at 3.39 million metric tons, a reduction from last week’s figures and significantly lower than last year’s total of 3.59 million metric tons.
