Corn Prices Plummet on Thursday Amid Crude Oil Decline
Corn futures declined on Thursday, as prices dipped by 1 to 4.75 cents per bushel. The national average Cash Corn price also fell by 3.75 cents, reaching $4.85.25.
Crude oil experienced a decline of $1.34 on the same day, adding pressure on corn prices. Export Sales data revealed that 1.027 million metric tons (MMT) of corn were sold in the week ending September 10 for the 2026/27 marketing year.
The sale was still down by 16.6% compared to the same period last year. Mexico emerged as the top buyer, purchasing 626,000 MT, while Japan acquired 150,200 MT of corn. Several South Korean importers secured a total of 260,000 MT in an overnight tender without specifying origins.
Closing prices for December and March contracts showed significant losses, with Dec 26 Corn at $5.30.50 (down 3.75 cents), Nearby Cash at $4.85.25 (down 3.75 cents), Mar 27 Corn at $5.44.50 (down 4.25 cents), and May 27 Corn at $5.50.75 (down 4.50 cents).