Corn Futures Hold Above $5 with Bullish Comeback
Corn futures managed to stay above $5 throughout the trading session, but came close to dropping below it in December. Bulls made a strong comeback and helped close with gains, with contracts steady to 1 ½ cents higher.
The CmdtyView national average Cash Corn price saw a rise of 3 1/4 cents at $4.61 1/4. Export Sales data revealed that corn sales for the 2026/27 marketing year were at their lowest, with only 535,989 MT sold. Mexico was the top buyer, purchasing 252,200 MT, followed by Colombia's 101,200 MT.
The USDA released its Grain Crushing report on Thursday, showing a total of 477.7 mbu of corn used for ethanol in August. This is up 0.3% from last month and 4% higher year-over-year. Marketing year corn used for ethanol was at 5.547 bbu, falling short of the USDA's projection by 3 mbu.
The StoneX team revised their US corn yield down to 182.1 bpa this month, trimming production totals by 92 mbu to 16.115 bbu. Brazil's first corn crop is estimated at 29.3 MMT according to StoneX, remaining steady from last month.