Corn futures faced pressure on Tuesday, with losses ranging from 3 to 4 1/2 cents across most contracts. The CmdtyView national average cash corn price dropped 4 ½ cents to $4.12. The average close for December corn futures in October stood at $4.81, with just four days remaining in the harvest price crop insurance discovery period.
Crop Progress data indicated that 60% of the US corn harvest was complete as of October 25, lagging 6 percentage points behind the average pace. Condition ratings remained steady at 56% in good to excellent condition, while the Brugler500 index fell 2 points to 345, marking the final rating for the year.
The NOAA 7-day forecast predicted 1 to 2 inches of precipitation from just east of the Rockies to the Appalachians, with the heaviest totals expected along the Missouri River in states like South Dakota, Nebraska, Iowa, Kansas, and Missouri. USDA GAIN reports from Monday revealed that the USDA attaché in Argentina projected 2026/27 corn production at 62 MMT, significantly higher than the current official estimate of 55 MMT.
The Philippines increased their import quota on corn from 220,000 MT to 500,000 MT. US exports to the Philippines, as per Census data, totaled 264,044 MT through August.