Corn Continues Strength on Tuesday AM Trade

Price Movement - Corn prices increased by 3 to 4 cents across most contracts on Tuesday morning, with futures gaining 3 to 4.5 cents before the Monday close [1] - March corn futures peaked above $4.50 but could not maintain that level by the close [1] - Nearby cash corn price rose by 4.75 cents to $3.96 1/4 [1] Export Data - Export inspections reported 2.054 million metric tons (MMT) of corn shipped for the week ending November 13, marking the largest weekly total since April 2021, which is a 38.35% increase from the previous week and more than double the same week last year [2] - Mexico was the leading destination for corn exports, receiving 592,006 MT, followed by Japan with 424,773 MT and South Korea with 349,789 MT [2] - Total marketing year shipments have reached 15.838 MMT (623.5 million bushels), reflecting a 73% year-over-year increase [2] Market Activity - A South Korean importer purchased 65,000 MT of corn in a tender, likely of US origin [3] - December 25 corn closed at $4.34 3/4, up 4.5 cents, while March 26 corn closed at $4.48, up 4 cents [3] - May 26 corn closed at $4.55 1/2, up 3.25 cents [3]