Corn Futures End Monday with Gains Despite Declining Shipments

Corn futures started strong on Monday but gave up some of their gains by closing. The national average Cash Corn price rose by $0.075 to $4.63, with nearby contracts gaining between $0.03 and $0.078 per bushel. This comes as the US corn crop progresses, with 86% now in the dough stage, while dented corn reached 45%, and mature corn stood at 6%. Condition ratings for corn fell by 3% to 47% good to excellent, according to the Brugler500 index, which dropped by 5 points to 348.

The weekly Export Inspections report revealed a decline in corn shipments, with just over 1.296 MMT (51.03 mbu) exported last week, down 33.32% from the previous week and 3.16% below the same time last year. Mexico was the top destination for corn exports at 387,748 MT, followed by Japan at 306,842 MT, and Colombia with 101,360 MT.

The marketing year total now stands at 82.28 MMT (3.239 bbu) of corn exports, surpassing last year's same-period figure by 25.51% and with just over a week left in the marketing year. Pro Farmer estimates the US national yield at 173.2 pba, while production is estimated to reach 15.344 bbu.