On Monday morning, corn prices increased by 7 to 8 cents, following a gap higher on Sunday night. September corn futures rose by 5 ¼ cents for the week, while December futures climbed 6 ½ cents. The national average Cash Corn price is currently $4.132, reflecting a 3 ¼ cent increase. Open interest also saw growth with an addition of 9,822 contracts on Friday, indicating new buying activity.
According to the USDA, old crop corn sales reached 86.279 million metric tons (MMT), surpassing this year’s export projection by 102%. Actual shipments amount to 73.058 MMT, which is 87% of the USDA’s projection and higher than last year’s 86%. Brazil’s second corn crop is 49% harvested, falling behind last year’s 55% rate, while Argentina reports 62% of its corn crop harvested, also trailing last year’s 80% pace.
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