Corn futures advanced 2-3 cents across most contracts, with cash corn also rising, supported by robust export data. The latest Export Inspections report showed 1.425 MT shipped, a 76.48% increase year-over-year for that week, contributing to a marketing year total of 13.725 MMT, up 65.73% from the prior year, with Mexico, Colombia, and Taiwan as key buyers. This strong demand backdrop is juxtaposed with an upward revision of Brazil's 2025/26 corn crop estimate to 143.56 MMT, suggesting evolving supply-demand dynamics.
Corn futures experienced broad gains of 2 to 3 cents across most contracts, with the CmdtyView national average Cash Corn price also rising 2 ¼ cents to $3.89 ¼. This positive price action was primarily fueled by robust export data, as the latest Export Inspections report showed 1.425 MT (56.09 mbu) of corn shipped in the week of 11/6, a significant 76.48% increase year-over-year. The marketing year total for corn shipments has now reached 13.725 MMT (540.34 mbu), representing a substantial 65.73% increase compared to the same period last year. Strong international demand was highlighted by Mexico, Colombia, and Taiwan being the largest buyers, indicating sustained global interest. On the supply front, Brazil's first corn crop is 72% planted in the south-center region, consistent with last year's pace. Safras has also revised its 2025/26 Brazilian corn crop estimate upwards by 1.1 MMT to 143.56 MMT, suggesting a potentially strong future harvest. This dynamic of strong current demand against a backdrop of potentially increasing future supply creates a nuanced outlook for corn prices.
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moderately positive
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