On February 7, corn prices saw a minor increase of 1 to 2 cents in early trading, following a previous decline of the same amount during Monday’s session. The current CmdtyView national average cash corn price is reported at $3.95 1/4, down 1.5 cents. Open interest rose by 5,170 contracts, while overall contracts were down 30,801.
Export inspections data revealed that 1.308 million metric tons (MMT) of corn were shipped in the week ending February 5, marking a 14.01% increase from the previous week, though a 4.19% decrease from the same period last year. Mexico was the leading destination for U.S. corn with 476,628 MT, followed by Japan with 187,063 MT, and Colombia with 135,816 MT. Year-to-date shipments total 33.93 MMT, reflecting a substantial increase of 46.72% year-over-year.
Today’s USDA WASDE report is expected to maintain the U.S. ending stocks estimate at approximately 2.215 billion bushels, while Brazil’s corn production forecast has been adjusted upwards by 1.3 MMT to 132.3 MMT.
