Corn Futures Decline Amid Mixed Export Data
On Tuesday, corn futures fell by 3 to 4 cents across the front months. The national average Cash Corn price dropped 3¾ cents to $4.87¾. Recent export inspections showed increased shipments of 1.662 MMT (65.4 mbu) for the week ending September 3, up from both the previous week and last year's same period. The report indicated that old crop accounted for most exports at 1.027 MMT with a marketing-year total reaching 84.83 MMT (3.34 bbu). New crop shipments totaled 635,789 MT, primarily to Mexico and Japan. Managed money investors increased their net long position in corn futures and options as of September 1. Despite the rise in exports, prices continued downward due to market pressures.
Topics: corn export inspections futures trading