Corn futures opened the week with gains of 1 to 2 cents on Monday, leading to a CmdtyView national average cash corn price of $3.85 1/2, which is up 2 cents. The USDA reported a private export sale of 103,000 metric tons (MT) to Japan, consisting of 40,000 MT for the old crop and 63,000 MT for the new crop.
In the week of June 4, U.S. corn shipments totaled 1.911 million MT (75.34 million bushels), marking a 9.21% increase from the previous week and a 10.54% rise compared to the same week last year. Mexico was the top destination, receiving 497,128 MT, followed by South Korea with 270,044 MT and Spain with 238,319 MT. The total for the marketing year now stands at 63.875 million MT (2.514 billion bushels), a 26.80% increase year-over-year.
Brazil’s second crop corn harvest is estimated to be 4.4% complete, with a revised estimate of 108.2 million MT, down 0.9 million MT from prior assessments, according to AgRural.
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