Corn futures ended Tuesday's session with losses ranging from 1 to 3 ½ cents across front-month contracts, continuing a decline from sharp drops on Monday. The CmdtyView national average cash corn price decreased by 1 3/4 cents to $3.81 1/2.
In overnight trading, two South Korean importers bought a total of 264,000 metric tons of corn through tenders. An additional tender for 140,000 metric tons has been issued with a Wednesday deadline.
Brazil's January corn exports are now projected at 3.27 million metric tons, according to ANEC. This represents an increase of 0.42 million metric tons from the previous estimate.
Specific contract settlements showed March 26 corn closed at $4.19 3/4, down 1 3/4 cents. The nearby cash price was $3.81 1/2, also down 1 3/4 cents. May 26 corn closed at $4.27 3/4, down 2 3/4 cents, while July 26 corn settled at $4.34 1/2, down 3 1/2 cents.
Traders are awaiting EIA data scheduled for release Wednesday morning. Market participants expect ethanol production to remain steady following last week's increase in stocks and a drop in refiner inputs.