Corn Trading with Midday Losses on Monday

Core Insights - Corn futures are experiencing slight losses, with the CmdtyView national average cash corn price at $3.92 3/4, down 1 3/4 cents [1] Export Data - USDA's FGIS reported corn export shipments at 1.51 MMT (59.45 mbu) for the week ending January 22, marking a 1.63% increase from the previous week and a 20.74% increase compared to the same week last year [2] - Mexico was the leading destination for corn exports, receiving 402,936 MT, followed by Japan with 265,122 MT and Spain with 210,763 MT [2] - Total corn export commitments are at 56.045 MMT, which is 34% higher than last year and represents 69% of the USDA's record export estimate [3] Crop Estimates - AgRural estimates that 5% of the first corn crop in Brazil's center-south regions has been harvested, ahead of last year's 2.2% [4] - The second crop in Brazil is reported to be 4.7% planted, which is behind the 8.6% early pace of the previous year [4] - Brazil's total corn crop estimate has been raised by 0.6 MMT to 136.6 MMT [4] Futures Prices - March 26 corn futures are priced at $4.28 3/4, down 1 3/4 cents, while nearby cash corn is at $3.92 3/4, also down 1 3/4 cents [4] - May 26 corn futures are at $4.36 1/2, down 1 1/2 cents, and July 26 corn futures are at $4.42 1/2, down 1 1/4 cents [4]