FX.co ★ Corn Holds Near Two-Month Low

Corn futures hovered around $4.60 per bushel, trading near their lowest level in more than two months as harvest pressure and weak export inspections offset stronger forward sales. USDA data showed that US corn export sales for the 2026/27 marketing year rose 36% week over week to 60.1 million bushels in the week ended October 15, surpassing analysts’ expectations and indicating firm demand for future deliveries. In contrast, export inspections tumbled nearly 49% to 672,475 metric tons, the lowest weekly figure since October 2024, underscoring a sharp slowdown in actual shipments. As of October 18, the US corn harvest was 44% complete, up from 33% a week earlier, with dry conditions across much of the Midwest expected to further accelerate fieldwork. The USDA forecasts record US corn production of 16.03 billion bushels and ending stocks of 1.849 billion bushels for 2026/27, reinforcing concerns about abundant supplies. These strong supply-side pressures continue to cap the market’s rebound despite improved export bookings.