Corn futures exhibited gains of 4 to 5¼ cents on Monday, with May futures showing a significant delivery of 311 contracts on Friday evening. The national average cash corn price rose by 4¾ cents, reaching $4.44¾.
In terms of export activity, 2.028 million metric tons (MMT) of corn were shipped in the week ending April 30, marking a 22.41% increase from the previous week and a 25.43% rise year-over-year. Mexico was the leading recipient, receiving 437,165 MT, followed by Japan and Colombia with 313,658 MT and 302,990 MT, respectively. Year-to-date shipments have totaled 55.482 MMT, reflecting a 30.47% increase compared to the same period last year.
Additionally, March data reflected 474.4 million bushels of corn used for ethanol production, a 10.2% increase from February and 4.76% larger than the previous year. In Brazil, the corn crop is estimated at 137 MMT, up 1.3 MMT from earlier projections.
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