Corn futures found weaker trade on Monday as traders were squaring up ahead of a Tuesday USDA report. Contracts were down fractionally to 2 cents. The CmdtyView national average Cash Corn price was down 1 1/4 cents at $3.98 1/4.
Export Inspections data showed corn at 1.453 MT (57.2 mbu) shipped in the week that ended on December 4. That was a drop of 10.89% from the week prior but up 36% from same week last year. Mexico was the top destination of 520,691 MT, with 310,828 MT to Japan and 81,209 MT to Taiwan. Marketing year shipments have totaled 20.63 MMT (812.2 mbu), a 69.36% increase yr/yr.
USDA’s catchup report for Export Sales data this morning showed just 979,525 MT of corn sold in the week ending on November 6. That fell shy of traders looking for 1-2 MMT of corn bookings and was a marketing year low.
The monthly WASDE report will be out on Tuesday, with analysts surveyed by Bloomberg looking for 2.145 bbu of US corn ending stocks, a 9 mbu drop from the November report if realized.
Brazil’s AgRural estimates the Brazilian corn crop at 135.3 MMT for 2025/26, a 5.8 MMT drop from the year prior. USDA’s estimate, which is subject for review in Tuesday’s WASDE is 131 MMT.
Dec 25 Corn closed at $4.36 1/4, down 1/2 cent,
Nearby Cash was $3.98 1/4, down 1 1/4 cents,
Mar 26 Corn closed at $4.43 3/4, down 1 cent,
May 26 Corn closed at $4.51 1/4, down 1 cent,
