Corn futures are facing spillover weakness to start the week, with beans adding pressure. Contracts are down 6 to 7 cents in the front months, but off the early session highs. The CmdtyView national average Cash Corn price is down 6 cents at $4.78.
Following last week’s US/China meeting, China dropped tariffs on several US goods, including the tariff on corn.
USDA’s weekly Export Inspections report tallied corn export shipments at 1.566 MMT (61.65 mbu) during the week ending on September 24. That was down 20.11% from the week prior but 1.73% above the same week last year. Mexico was the top destination of 510,846 MT, with 338,808 MT headed to South Korea and 251,190 MT to Japan. Marketing year exports for 2026/27 are 5.726 MMT (225.43 mbu), which is now 12.08% above the same period last year.
Heavy rains continue to show up in the forecast for the next week according to NOAA, with 1 to upwards of 4 inches expected from TX to the Great Lakes, and NE to IN.
Commitment of Traders data from CFTC showed managed money trimming back 12,405 contracts to their net long position in corn futures and options. As of September 22 their net long position was 414,437 contracts.
Brazil’s first corn crop is estimated at 34% planted as of Thursday according to AgRural, now ahead of the 32% pace from last year.
Dec 26 Corn is at $5.22 1/4, down 6 cents,
Nearby Cash is at $4.78 1/1, down 6 cents,
Mar 27 Corn is at $5.35 3/4, down 6 1/4 cents,
May 27 Corn is at $5.42 1/2, down 6 1/4 cents,
