Corn Prices Continue to Rise as Exports Surge
Corn futures are showing gains, with prices up by fractional to two cents per bushel. The Export Inspections report for the week of August 27 revealed a significant increase in corn shipments—1.496 million metric tons (58.9 mbu), which is 13% higher than the previous week and 6% above last year’s level. Mexico was the top destination, followed by South Korea and Japan. The marketing year total for corn exports now stands at 83.81 MMT (3.299 bbu), a 25% increase compared to the same period in the previous year as it concludes today. Managed money investors have also increased their net long position, reaching 376,513 contracts—the largest since April 2022—though still below historical records. In Brazil, AgRural reports that the second corn crop is at 96% harvested in the center south region but lags behind last year. The first corn crop for the upcoming season has reached only 11% planting progress.
Topics: corn exports futures market_data