Corn futures held on to the weakness into the close on Monday, though nearby contracts were 4 to 5 cents off their lows to close with fractional to 1 ¾ cent losses. Sharp weakness in the beans provided pressure. The CmdtyView national average Cash Corn price was down ½ cent at $4.16 1/2.
Following elections in Brazil over the weekend, President Lula da Silva was reelected in a surprise that has sent the Brazilian real down over 9% to the dollar this morning. The weaker currency makes their beans cheaper by comparison to the US.
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Crop Progress data showed 60% of the US corn harvest complete as of October 25, 6 percentage points behind the average pace. Condition ratings were steady this week at 56% in good to excellent condition, with the Brugler500 index dropping 2 points to 345. That is the final rating for the year.
USDA’s Export Inspections report tallied corn export shipments at just 625,233 MT (24.61 mbu) during the week ending on October 22. That was down 9.68.81% from the week prior and 49.68% below the same week last year. Mexico was the top destination of 351,681 MT, with 264,556 MT headed to Honduras and 55,999 to Colombia. Marketing year exports for 2026/27 are 9.776 MMT (384.9 mbu), which is now 7.67 % below the same period last year.
AgRural estimates the first corn crop at 58% complete as of Thursday, slightly ahead of the 55% pace from last year.
Dec 26 Corn closed at $4.55, down 1 cent,
Nearby Cash was $4.16 1/2, down 1/2 cent,
Mar 27 Corn closed at $4.68 3/4, down 1 1/2 cents,
May 27 Corn closed at $4.77 1/2, down 1 1/2 cents,
Dec 27 Corn closed at $4.94, down 1 cent,
New Crop Cash was $4.47, down 1 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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