Corn Futures Drop Amid Weakness in Beans, Wheat, and Crude Oil
On Friday, corn futures experienced losses of 3 to 4 cents at midday due to spillover pressure from significant declines in soybean and wheat prices as well as falling crude oil. The national average Cash Corn price fell by 3.5 cents to $4.8525 per bushel. Export sales data for the 2026/27 season now stand at 17.4 million metric tons, a decline of 27% compared to last year and below both the USDA projection and historical averages. Additional pressure came from South Korea's corn imports, with recent tenders adding another 130,000 MT following Thursday’s sales of 260,000 MT. Prices for key futures contracts like Dec 26 Corn dropped to $5.27 per bushel and Mar 27 Corn fell to $5.4075 per bushel. The article notes that the decline is driven by broader market trends rather than specific corn-related factors, with no direct positions held in any of the mentioned securities at time of publication.
Topics: corn export_sales futures_trading