Corn futures are trading higher, with contracts up 14 to 18 cents at midday. The CmdtyView national average cash corn price has risen by 19.75 cents to $4.35 per bushel.
The Export Inspections report for the week ending May 14 revealed 1.379 million metric tons (MMT) of corn shipped, which is 19.07% lower than the previous week and 21.68% lower than the same week last year. Japan was the top destination, importing 440,975 MT, followed by Mexico with 377,217 MT and Taiwan with 84,814 MT. Since September 1, the total corn shipment for the marketing year stands at 58.57 MMT, representing a 28.5% increase from last year.
Additionally, the White House announced that China will purchase at least $17 billion per year of U.S. agricultural products in 2026 through 2028, beyond previous soybean commitments. Managed money decreased their net long positions in corn by 44,442 contracts in the week ending May 12, now holding a total of 299,483 contracts.
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