Corn Futures Pull Back as Investors Await Key USDA Crop Reports
Corn futures closed lower on Thursday as market participants adjusted positions ahead of key government agricultural reports. Contracts across the board slipped between 1/4 cent and 2 cents, with the December 2026 contract settling at $5.00 1/4 per bushel. The national average cash price for corn also declined, dropping 1 1/2 cents to settle at $4.62 3/4.
The pullback occurred despite weekly export data showing a significant weekly rebound. Weekly export sales of corn reached 769,468 metric tons for the week ending October 1, representing a 43.6% increase from the prior week. However, this volume remains 65.9% lower than the sales recorded during the same period last year. Mexico led the purchases, followed by Colombia and Japan. Additionally, South Korean importers secured 324,000 metric tons of corn through overnight tenders.
Investors are now looking ahead to upcoming supply and demand updates. The upcoming Crop Production report is expected to show a slight reduction in average yield by 0.7 bushels per acre to 177.8 bushels per acre, which would lower total production to 15.733 billion bushels. Meanwhile, the World Agricultural Supply and Demand Estimates report is anticipated to show ending stocks rising to 1.693 billion bushels. Weather also remains a factor, with rain from the remnants of Hurricane Isaias expected to shorten the harvest window in Indiana and Ohio, while other key growing regions remain dry.
Key points
- Corn futures contracts declined across the board on Thursday, with the December 2026 contract closing down 1 3/4 cents at $5.00 1/4.
- Weekly export sales rose 43.6% from the previous week to 769,468 metric tons, though this remains 65.9% below last year's level.
- South Korean buyers purchased 324,000 metric tons of corn in overnight tenders.
- Upcoming crop reports are expected to show a yield reduction to 177.8 bushels per acre and an increase in ending stocks to 1.693 billion bushels.
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How we writeDisclaimerQuestions and answers
Why did corn futures decline?
Corn futures fell as traders adjusted their positions and engaged in a market correction ahead of key government crop reports.
What did the weekly export sales report show?
Export sales reached 769,468 metric tons, which is a 43.6% increase from the previous week but 65.9% lower than the same week last year.
What are the market expectations for the upcoming crop reports?
Traders expect average yield to be trimmed to 177.8 bushels per acre and ending stocks to increase to 1.693 billion bushels.