Corn Holds Near Two-Month Low

Corn futures held around $4.6 per bushel, near their lowest level in more than two months as weak export shipments and US harvest pressure outweighed stronger new-crop sales. USDA data showed US corn export sales for the 2026/27 marketing year rose 36% week over week to 60.1 million bushels in the week ended October 15, exceeding analysts' estimates and signaling solid demand for future deliveries. However, export inspections plunged nearly 49% to 672,475 metric tons, marking the lowest weekly total since October 2024 and highlighting a slowdown in actual shipments. The US harvest reached 44% completion as of October 18, up from 33% a week earlier, with dry weather across much of the Midwest expected to help fieldwork advance. The USDA projects record US production of 16.03 billion bushels and ending stocks of 1.849 billion bushels for 2026/27, reinforcing concerns over ample availability. These supply pressures continue to limit the market's recovery despite stronger export bookings.

Corn futures rose above $4.6 per bushel, but remained close to a two-month low as weak export demand and expectations for a record-large US crop continued to weigh on prices. US export inspections plunged nearly 49% week-on-week to 672,475 metric tons in the week ended October 15, marking the lowest weekly total since October 2024, while shipments for the 2026/27 marketing year trailed the previous year's pace by 2.3%. In addition, the US harvest reached 44% completion as of October 18, up from 33% a week earlier, with drier Midwest weather expected to accelerate fieldwork. The USDA's October outlook also projected record production of 16.03 billion bushels and ending stocks of 1.849 billion bushels. Meanwhile, signs of improved demand in major markets offered some support. EU corn imports have risen 40% since the marketing season began on July 1, according to the European Commission, while consultancy SovEcon lowered its forecast for Ukrainian corn exports in the 2026/27 season.

Corn futures fell for a sixth consecutive session to around $4.6 per bushel, their longest losing streak since March 2025, as weak export demand and harvest pressure prompted fund selling. Money managers' net-long position fell to a two-month low in the week ended October 13 as funds reduced bullish bets across the grain complex, despite concerns over Black Sea supplies and the threat of a severe El Niño weather pattern. US corn export inspections plunged nearly 50% week-on-week to 672,500 metric tons in the week ended October 15, while total export sales for the 2026/27 marketing year were down 2.3% from a year earlier. Meanwhile, US farmers had harvested 44% of the crop, adding to concerns over ample supplies. Drier Midwest weather forecasted through the end of the week is expected to accelerate harvesting. The USDA's October outlook also projected a record-large crop of 16.03 billion bushels, with yields estimated at 181.2 bushels per acre and ending stocks at 1.849 billion bushels.