Corn Prices Plummet as Export Shipments Hit 15-Year High

Corn futures are trading lower on Tuesday, falling 3 to 4 cents across the front months.

No deliveries were issued against September corn overnight, but the CmdtyView national average Cash Corn price dropped by 3 3/4 cents to $4.87 3/4.

The Export Inspections report showed a 10.11% increase in corn shipments from the previous week and a 15.2% rise compared to the same period last year, with 1.662 MMT (65.4 mbu) of corn shipped out.

Of this total, 1.027 MMT was for old crop, with the marketing year total via Inspections data standing at 84.83 MMT (3.34 bbu). New crop shipments reached 635,789 MT, with Mexico being the largest destination at 399,572 MT.