Corn futures held steady on Thursday morning, showing little change after Wednesday’s slight decline. The December contract remained near the $4.80 support level, down just 2 ¼ cents from the previous close. Open interest dropped by 1,791 contracts on Wednesday, reflecting reduced trading activity.
The delayed Tuesday Crop Progress report revealed that 33% of the US corn crop had been harvested as of Sunday, lagging 6 percentage points behind the average pace. Harvest progress was notably slow in states like Iowa, Michigan, Minnesota, Nebraska, Ohio, and South Dakota, where the pace trailed by up to 20%. Recent rains in parts of the Northeast, Kansas, South Dakota, and the Eastern Corn Belt disrupted harvest efforts, with more precipitation expected in these areas today. However, the 7-day forecast suggests drier conditions ahead.
EIA data, delayed due to the Monday holiday, is expected to show an increase in output for the week ending October 9. Additionally, CONAB data released Thursday morning projected Brazil’s 2026/27 corn crop at 148 million metric tons, a 2.4% increase from the previous year if realized.
Key corn futures prices included the December 2026 contract closing at $4.80 ¾, down 2 cents, while nearby cash corn was at $4.41, down 1 ¼ cents. The March 2027 and May 2027 contracts also saw modest declines, closing at $4.94 ¼ and $5.01 ¾, respectively, but remained unchanged in early Thursday trading.