Corn futures extended their decline on Thursday, reversing some of the gains made earlier in the week. Prices dropped between 2 ¼ and 3 ¾ cents across various contracts. The CmdtyView national average cash corn price fell 2 1/2 cents to $4.22 1/2.
The average close for December futures stood at $4.84, with just six days remaining in the harvest price crop insurance discovery period. Export sales data released earlier in the day showed 1.527 million metric tons (MMT) of 2026/27 corn sold in the week ending October 15. This was a 36.1% increase from the previous week but still 45.9% below the same week last year. Mexico was the top buyer, purchasing 477,700 MT, followed by unknown destinations with 307,200 MT and Japan with 285,400 MT.
A South Korean importer also bought 55,000 MT of corn in an overnight tender. The declines were seen across various contracts, with December 2026 corn closing at $4.60 1/2, down 2 3/4 cents. Nearby cash corn was at $4.22 1/2, down 2 1/2 cents, while March 2027 corn closed at $4.74 1/4, down 3 cents.
Other contracts, including May 2027 corn and December 2027 corn, also saw declines of 2 3/4 cents and 3 3/4 cents, respectively. The new crop cash price fell 3 cents to $4.52 5/8.