Corn futures are under pressure on Tuesday, with contracts dropping 3 to 5 ¼ cents. The national average cash corn price decreased by 5 ¼ cents to $4.18 1/4.
Export inspections reported 1.582 million tons (62.27 million bushels) of corn shipped for the week ending May 21, marking an 11.43% increase from the previous week and a 13.01% rise from the same week last year. Mexico was the leading destination at 406,078 tons, followed by Japan with 274,937 tons, and South Korea with 260,620 tons. Year-to-date shipments total 60.18 million metric tons (2.369 billion bushels), a 28.03% increase year-over-year.
Analysts anticipate that 89% of the U.S. corn crop will be planted as of Sunday, according to a Reuters survey. Additionally, the latest CFTC report revealed that managed money reduced their net long position in corn futures and options by 6,129 contracts, bringing it to 293,354 contracts as of May 19.
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