Corn Extending Losses on Tuesday Morning

Group 1: Market Trends - Corn prices have decreased by 2 to 4 cents, with futures closing down 22 to 24 ¼ cents in the front months following bearish USDA data [1] - The CmdtyView national average Cash Corn price is reported at $3.83 1/4, down 24 cents [1] Group 2: Export Activity - USDA announced a private export sale of 204,000 MT of corn to South Korea and an additional 310,000 MT to unknown destinations [2] - Export Inspections report indicated that 1.49 MMT (58.66 mbu) of corn was shipped in the week of January 8, which is 12.75% higher than the previous week and 3.4% larger than the same week last year [5] Group 3: Production and Stocks - USDA's Crop Production report indicated a US corn yield of 186.5 bpa, a 0.5 bpa increase from the previous report, with harvested acres up by 1.3 million to 91.3 million acres, leading to a production total of 17.021 bbu, an increase of 269 mbu [3] - The quarterly Grain Stocks report showed December 1 corn stocks at 13.282 bbu, which is 1.207 bbu above the previous year [3] - WASDE data revealed an increase in US ending stocks by 198 mbu, projecting a total of 2.227 bbu, with world ending stocks raised by 11.76 MMT to 290.91 MMT [4]