Corn prices are showing slight losses on Wednesday morning, recovering 3 to 4 cents from overnight lows. Futures contracts saw declines of 3 ¼ to 5 ¾ cents across the board, as traders adopted a risk-off approach in commodities. Open interest rose by 8,155 contracts, except for the December contract, which fell by 21,557 contracts. The CmdtyView national average cash corn price dropped 5 1/2 cents to $4.06 3/4.
The USDA reported a private export sale of 315,000 metric tons of corn to Mexico on Tuesday, along with 136,000 metric tons sold to South Korea. Meanwhile, NASS Crop Progress data indicated that the US corn harvest was 74% complete as of November 1, up 14% from the previous week but still 3 percentage points behind the 5-year average. Harvest progress varied by state, with Illinois and Indiana ahead of schedule, while Michigan, Ohio, Iowa, Minnesota, Nebraska, and South Dakota lagged behind.
StoneX revised its estimates for the 2026/27 Brazilian corn crop, raising the first crop forecast to 30.68 million metric tons, up 1.4 million metric tons from the previous estimate. The second crop is projected at 113.53 million metric tons. The US yield estimate was also increased by 1 bushel per acre to 183.1 bushels per acre, boosting production to 16.203 billion bushels.
Key corn futures contracts saw mixed movements: December 2026 corn closed at $4.42 1/2, down 5 3/4 cents, currently down 1/4 cent. March 2027 corn closed at $4.56 1/4, down 5 3/4 cents, currently down 1/4 cent. May 2027 corn closed at $4.65, down 5 3/4 cents, currently down 1/2 cent. December 2027 corn closed at $4.84, down 5 cents, currently unchanged. New crop cash corn was at $4.47 1/1, down 1 3/4 cents.