Corn Prices Edge Higher After Recent Decline

Corn prices are showing a modest rebound on Monday morning, gaining 3 to 4 cents after a challenging Friday. The previous session saw futures under pressure, with losses ranging from 1½ to 5¼ cents across different contracts. The decline was accompanied by an increase in open interest by 6,412 contracts, indicating new short positions. The December contract suffered the most, dropping 30½ cents, or 5.77%, last week.

The USDA reported a significant private export sale of 218,600 metric tons of corn to Mexico last Friday. The sale was split across three marketing years: 173,800 MT for 2026/27, 22,400 MT for 2027/28, and another 22,400 MT for 2028/29. Despite this, total corn commitments remain 31% below the same period last year, at just 18.774 MMT, which is also 23% of the US export projection and 8% behind the 5-year average sales pace.

Weekly CFTC data revealed that managed money trimmed 36,587 contracts from their net long position in corn futures and options as of Tuesday. By September 29, they were net long 377,850 contracts, with much of the reduction coming from long liquidation. Additionally, AgRural estimates that Brazil's first corn crop is only 38% planted as of last Thursday, lagging behind the 40% planted during the same week last year.

Current pricing shows December 2026 corn at $4.97¾, up 3¼ cents, while nearby cash corn is at $4.59¼. March 2027 corn is at $5.11½, up 4 cents, and May 2027 corn is at $5.18½, up 4¼ cents.