Corn Pulling Back on Monday Despite Export Business

Group 1 - Corn futures are experiencing losses of 5 to 6 ½ cents, with the national average cash corn price down 6 cents to $3.80 1/2 [1] - A private export sale of 148,971 MT of corn was reported by USDA for the current marketing year [1] - Export inspections data indicated that 1.512 MT of corn were shipped in the week ending September 11, marking a 32.65% increase from the previous week and a 65.71% increase year-over-year [2] Group 2 - Mexico was the top destination for corn exports, receiving 462,805 MT, followed by Japan with 375,776 MT and Colombia with 130,760 MT [2] - Marketing year shipments totaled 2.161 MMT in the week and a half, which is 5.68% larger year-over-year [2] - CFTC data revealed an increase of 8,442 contracts added to the spec fund in corn futures and options, bringing the net short position to 99,929 contracts as of September 9 [3] Group 3 - Safras & Mercado estimates Brazil's first corn crop in the south center region at 25.48 MT, an increase from 24.73 MT last year, with AgRural estimating that 17% of the first corn crop is planted [3] - Current corn prices include Dec 25 Corn at $4.23 3/4, Nearby Cash at $3.80 1/2, Mar 26 Corn at $4.41 3/4, and May 26 Corn at $4.51 1/2, all showing declines [3]