Corn Bouncing on Tuesday Morning

Group 1 - Corn prices increased slightly by 2 cents on Tuesday morning, following a loss of 12 to 13 1/4 cents in nearby futures on Monday [1] - Preliminary open interest decreased by 23,389 contracts on Monday, indicating some long positions were liquidated, with May contracts dropping by 25,724 and December by 10,909 [1] - The national average cash corn price fell by 13 cents to $4.11 1/2 [1] Group 2 - The Export Inspections report indicated that 1.658 million metric tons (MMT) of corn were shipped in the week of March 12, which is 1.98% lower than the previous week but 8.95% higher than the same week last year [2] - Mexico was the largest destination for corn shipments, receiving 446,121 MT, followed by Japan with 281,957 MT and Colombia with 150,849 MT [2] - The total corn shipped since September 1 reached 42.869 MMT (1.688 billion bushels), representing a 39.16% increase compared to the same period last year [2] Group 3 - Ukraine's economic ministry estimates that the country will plant 4.42 million hectares (10.92 million acres) of corn this spring, with overall grain acreage projected at 6 million hectares (14.83 million acres), an increase of 240,000 hectares (593,000 acres) from last year [3] - As of May 26, corn closed at $4.54, down 13 1/4 cents, while nearby cash was at $4.11 1/2, down 13 cents [3] - July 26 corn closed at $4.65 3/4, down 12 1/2 cents, and September 26 corn closed at $4.67 1/4, down 12 cents [3]