Corn Fading Back on Wednesday Morning

Corn prices are showing 1 to 2 cent losses so far on Wednesday morning. Futures closed the Tuesday session with contracts 3 ¼ to 9 ¾ cents higher across the board, led by the nearbys. Open interest suggested modest new buying, up 6,155 contracts, as 38,509 contracts were rolling out of the December contract. The CmdtyView national average Cash Corn price was up 10 1/4 cents at $4.15 3/4. 

USDA reported a private export sale of 312,700 MT of corn to Mexico for the current marketing year during the reporting period on Tuesday morning.

Tuesday’s NASS Crop Production showed US corn yield projected at 179.6 bushel per acre, down 1.6 bpa compared to the October estimate and traders looking for a 0.6 bpa cut. Production was tallied at 15.893 billion bushels, which was 141 mbu below last month.

WASDE data showed US ending stocks 91 mbu lower to 1.758 bbu, mainly due to the production number, as demand was trimmed by 50 mbu (-25 mbu each for exports and feed). World carryout for 2026/27 was 1.5 MMT higher to 281.94 MMT, as the South American numbers were revised higher by 4 MMT on a 2 MMT increase to each Brazil and Argentina.  USDA also revised their 2025/26 Brazilian number by 3.5 MMT higher to 144.5 MMT.

NASS Crop Progress data showed the US corn harvest at 81% complete as of November 8, moving 7% on the week but still 5 percentage points back of the 5-year average.

Dec 26 Corn  closed at $4.49, up 9 3/4 cents, currently down 2 cents

Nearby Cash  was $4.15 3/4, up 10 1/4 cents,

Mar 27 Corn  closed at $4.61 1/2, up 9 1/4 cents, currently down 1 1/4 cents

May 27 Corn  closed at $4.69 3/4, up 9 cents, currently down 1 1/2 cents

Dec 27 Corn  closed at $4.90 1/2, up 7 1/4 cents, currently down 3 cents

New Crop Cash  was $4.53 1/4, up 7 1/2 cents,

On the date of publication, Austin Schroeder did not directly have a position in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.