Corn futures climbed above $4.60 per bushel but remained near a two-month low, as sluggish export demand and expectations of a record US crop continued to pressure prices. US export inspections tumbled nearly 49% week-on-week to 672,475 metric tons in the week ended October 15, the lowest weekly volume since October 2024. Cumulative shipments for the 2026/27 marketing year were 2.3% behind the pace of the previous year.
On the supply side, the US corn harvest reached 44% completion as of October 18, up from 33% a week earlier, and drier weather across the Midwest is expected to accelerate fieldwork and boost deliveries to the market. In its October outlook, the USDA projected record output of 16.03 billion bushels and ending stocks of 1.849 billion bushels, underscoring concerns about abundant supplies.
Although the USDA raised its export forecast to 3.3 billion bushels, faster harvest progress combined with weaker-than-expected shipments has kept downward pressure on corn prices.
