Corn futures are currently facing a decline, with contracts down 16 to 17 cents as of Monday. The CmdtyView national average cash corn price has fallen to $3.91 1/2, a decrease of 16 3/4 cents.
The USDA’s Crop Production report indicates a US corn yield of 186.5 bushels per acre (bpa), a 0.5 bpa increase from the previous November report. Harvested corn acreage rose to 91.3 million acres, leading to a total production estimate of 17.021 billion bushels (bbu), 269 million bushels higher than November. Additionally, US ending stocks were raised by 198 million bushels to 2.227 bbu, surpassing analyst expectations of 1.985 bbu.
As of January 8, Export Inspections reported 1.49 million metric tons (MMT) of corn shipped, 12.75% higher than the previous week and 3.4% above the same week last year. Notably, Mexico received the largest shipment at 702,811 MT. The marketing year total now stands at 28.43 MMT, which is 60.54% above the previous year.
