Corn Futures Dip, Exports Surge

Corn futures experienced a minor decline in early trading this week, with prices either holding steady or dropping by up to two cents in the front months. The national average cash corn price also decreased by three-quarters of a cent, settling at three dollars and eighty-seven and a half cents. Despite this, nearly all of the corn crop, ninety-six percent, has been harvested, just slightly behind the five-year average of ninety-seven percent.The USDA reported corn export shipments totaling one point six three million metric tons during the week ending November twentieth, a twenty-one percent decrease from the previous week but a significant sixty-two percent increase compared to the same week last year. Mexico was the top buyer, receiving over six hundred twenty-four thousand metric tons.Marketing year exports for twenty twenty-five to twenty twenty-six are now at seventeen point four eight three million metric tons since September first, seventy-two percent higher than the same period last year, indicating strong global demand.Traders are anticipating the release of new export sales data on Tuesday morning, expecting between zero point nine and two point five million metric tons of corn sales. This data will provide further insight into the ongoing strength of international corn demand.In Brazil, the first corn crop is estimated to be ninety-three percent planted in its center-south region, slightly behind last years ninety-five percent, which could influence future global supply expectations.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.