Corn futures are experiencing gains of 4 to 5.5 cents as of midday on Monday, with the CmdtyView national average new crop cash corn price reported at $3.71¾, down 5 cents. The USDA reported a private export sale of 225,000 metric tons of corn to Mexico for 2025/26, along with another sale of 229,000 metric tons to unknown destinations, which includes 35,000 metric tons for 2024/25 and 194,000 metric tons for 2025/26.
For the week ending July 24, USDA noted corn export shipments at 1.522 million metric tons (59.93 million bushels), a 54.55% increase from the previous week and up 42.16% compared to the same week last year. Japan received 610,316 metric tons, while Mexico received 460,381 metric tons. Year-to-date exports total 60.34 million metric tons (2.376 billion bushels), which is 29.25% above the same time last year.
President Milei of Argentina announced a reduction in export tax for corn from 12% to 9.5%. Meanwhile, AgRural estimates that the Brazilian second corn crop is 68% harvested, compared to 91% at the same time last year.
