Corn futures are experiencing significant losses on Monday, with the front month CmdtyView national average Cash Corn price decreasing by 5.5 cents to $4.13 1/2, influenced by weak wheat prices and wet forecasts. Rain is anticipated in eastern South Dakota, Minnesota, and northern Iowa throughout the week, potentially improving corn ratings to 70% good/excellent.
Weekly Export Inspections indicated corn shipments totaling 1.656 million metric tons (65.22 million bushels) for the week ending June 5, a rise of 0.9% from the previous week and 23.55% year-over-year. Mexico received the largest share at 469,120 metric tons, followed by Taiwan at 287,774 metric tons and South Korea at 200,434 metric tons. Year-to-date shipments have reached 50.302 million metric tons (1.98 billion bushels), marking an increase of 28.54% from last year.
As of June 3, speculators added 53,283 contracts to their net short position in corn futures, totaling 154,043 contracts, while commercials reduced their net short by 47,609 contracts to 102,452 contracts. AgRural reports Brazilian second corn crop harvesting at 1.9% finished, and Ukraine’s APK-Inform has lowered its corn production forecast by 2.1 million metric tons to 24.9 million metric tons.
