Commodities
Corn Futures Surge on Strong Export Numbers
Corn futures are trading with midday gains of 4 to 5.5 cents so far, according to Barchart. The CmdtyView national average Cash Corn price is up 5 cents at $4.35.
The Export Inspections report showed corn shipments of 1.91 MMT (75.23 mbu) in the week of August 13, which was up 8.55% from the previous week and 81.71% larger than the same week last year.
Mexico was the largest destination for corn exports, with 699,695 MT shipped, followed by Japan with 499,733 MT and Colombia with 141,496 MT.
The marketing year total is now 80.95 MMT (3.186 bbu) of corn exports, which is 26.05% ahead of the same period last year with just over two weeks left in the marketing year.