Corn futures slipped to about $4.42 per bushel, the lowest level in three months, as expectations for a large US harvest and lingering concerns about export demand pressured prices. As of November 1, the US corn harvest was 74% complete, up 14 percentage points from the previous week but still three points below the five-year average. The USDA is projecting the second-largest US corn crop on record, reinforcing expectations of abundant supplies.
Export demand provided some limited support. The USDA reported new sales of 315,000 metric tons of corn to Mexico and 136,000 MT to South Korea for the 2026/27 marketing year, following a separate 1.7 million MT sale to Mexico announced the previous day. Even so, US corn export shipments totaled 884,766 MT in the week ended October 29—an increase of 38.6% from the prior week but 48.3% below the same week a year earlier. The sharp year-on-year decline underscored worries over the pace of exports, as intense competition from other major suppliers continues to weigh on US sales.
