US Corn Exports Bolster Market, Futures Still Under Pressure

Corn futures are under pressure on Monday, extending last week's weakness. The price decline is attributed to spillover effects from other markets and a continued increase in US corn exports.

The USDA's weekly Export Inspections report showed that corn shipments totaled 1.566 MMT (61.65 mbu) during the week ending September 24, down 20.11% from the previous week but up 1.73% compared to the same period last year.

Mexico was the top destination for US corn exports, receiving 510,846 MT, followed by South Korea with 338,808 MT and Japan with 251,190 MT.