Corn prices are seeing slight declines on Wednesday morning, with losses ranging from 1 to 2 cents across futures contracts. This follows a Tuesday session where contracts closed higher, led by nearby contracts, with gains of 3 ¼ to 9 ¾ cents. Open interest indicated modest new buying, up 6,155 contracts, while 38,509 contracts rolled out of the December contract. The CmdtyView national average cash corn price rose 10 1/4 cents to $4.15 3/4.
On Tuesday, the USDA reported a private export sale of 312,700 metric tons of corn to Mexico for the current marketing year. The NASS Crop Production report projected US corn yield at 179.6 bushels per acre, down 1.6 bushels per acre from the October estimate. Production was tallied at 15.893 billion bushels, 141 million bushels below last month's figure.
WASDE data revealed US ending stocks were 91 million bushels lower at 1.758 billion bushels, primarily due to the production number. Demand was trimmed by 50 million bushels, with exports and feed each reduced by 25 million bushels. World carryout for 2026/27 increased by 1.5 million metric tons to 281.94 million metric tons, as South American numbers were revised higher by 4 million metric tons.
The US corn harvest was reported at 81% complete as of November 8, moving 7% on the week but still 5 percentage points behind the 5-year average. Key contract prices include December 2026 corn closing at $4.49, currently down 2 cents, and March 2027 corn closing at $4.61 1/2, currently down 1 1/4 cents.