Corn futures are facing sharp losses on Monday, as long head for the exits ahead of USDA’s report on Tuesday, with midday losses down 13 to 14 cents. July future’s first notice day is on Tuesday. The CmdtyView national average Cash Corn price is 13 1/2 cents lower at $3.73.
Monday morning’s Export Inspections report showed corn shipments of 1.786 MMT (70.32 mbu) in the week of 6/25. That was up 21.7% from the week prior and 29.34% above the same week last year. Japan was the largest destination of 358,881 MT, with 310,258 MT shipped to Mexico and 151,202 MT headed to Taiwan. The marketing year total is now 68.882 MMT (35.68 mbu) of shipments, which is now 15.92% above the same period last year.
