Corn futures ended Friday with losses across the board, as December contracts fell by 5 ½ cents. The CmdtyView national average cash corn price dropped 3 3/4 cents to $4.35. So far in October, the average close for December futures has been $4.91, reflecting the ongoing harvest price option for price insurance.
The USDA reported a private export sale of 127,000 metric tons of corn for the 2026/27 marketing year to Japan. Additionally, the USDA’s Export Sales report revealed 1.122 million metric tons in 2026/27 corn sales during the week of 10/8, a 45.9% increase from the previous week but still 15.4% below the same week last year. Mexico was the top buyer, followed by Japan and South Korea.
The Friday Commitment of Traders report showed managed money reducing their net long position in corn futures and options by 86,482 contracts as of 10/13, bringing their net long to 230,877 contracts. Meanwhile, a South Korean importer purchased 134,000 metric tons of optional origin corn in a private deal overnight. China set their official import tariff rate quota at 7.2 million metric tons for 2027, consistent with previous levels.
December 2026 corn closed at $4.74 1/4, down 3 3/4 cents, while nearby cash corn was $4.35, also down 3 3/4 cents. March 2027 corn closed at $4.86 1/2, down 4 1/2 cents, and May 2027 corn closed at $4.93 1/2, also down 4 1/2 cents.