Corn Closes Mixed, as Nearbys Feel Pressure

By Austin Schroeder

Corn futures posted fractional to penny losses in the nearbys on Tuesday, with other contracts fractionally to 1 ¾ cents higher. The CmdtyView national average Cash Corn price was down 1 ¼ cents at $3.86. 

Export Inspections data showed corn shipments at 1.484 MMT (58.4 mbu) shipped in the week that ended on January 15. That was down 1.35% from the week prior, and 3.81% below the same week last year. Mexico was the top destination of 401,809 MT, with 252,324 MT to Colombia and 243,588 MT to Japan. Marketing year shipments have totaled 29.92 MMT (1.178 bbu), which is up 55.46% yr/yr.

AgRural estimates the first Brazilian corn crop at 1.6% harvested as of last Thursday, with the second corn crop pegged at 1.1% planted. ANEC estimates the Brazilian corn export total for January at 3.45 MMT, a 0.18 MMT increase from last week.