The corn market saw 3 to 4 cent gains on Monday, with the national average cash corn price rising by 4 cents to $4.57 ¾. The USDA reported a private export sale of 365,000 MT of corn to Mexico for the 2024/25 shipping year.
Export inspections data revealed a total of 1.334 MMT (52.52 million bushels) in corn shipments for the week ending February 6, marking a 6.48% increase from the previous week and 49.5% higher than the same week in 2024. Mexico was the top destination, receiving 342,641 MT, followed by Japan with 231,204 MT and South Korea with 188,354 MT. Year-to-date exports stand at 23.088 MMT (909 million bushels), a 34.15% increase from last year.
Ahead of Tuesday’s USDA report, traders expect a 14 million bushel reduction to U.S. ending stocks, projected at 1.524 billion bushels. Brazil’s corn production estimates may decrease by 0.26 MMT to 126.74 MMT, while Argentina’s estimates are down by 1.5 MMT to 49.5 MMT.
