Corn futures and cash prices are down, with futures declining 6-7 cents and the national average cash price falling to $3.89 3/4. This market movement occurs as the government shutdown continues to delay official export sales data, though analysts estimate US corn sales of 0.8-2 MMT for the week ending October 30th. Meanwhile, Brazil's corn exports are projected to rise in November to 5.57 MMT, following a strong October, and China recently purchased US sorghum.
Corn futures experienced a notable decline, with nearbys down 6-7 cents and the CmdtyView national average Cash Corn price falling 6 1/4 cents to $3.89 3/4. This downward movement reflects a moderately negative sentiment and bearish tone in the market, despite China's recent purchase of US sorghum. The price action across December 25, March 26, and May 26 corn futures also shows consistent declines of 6 to 6 1/4 cents. The ongoing government shutdown, now the longest on record, has prevented official US export sales updates for over a month, creating significant data opacity. While analysts estimate US exporters sold 0.8-2 MMT of corn in the week ending October 30th, this unofficial data point offers limited clarity on overall demand trends. This uncertainty is compounded by robust South American supply. Brazil's corn exports are projected to reach 5.57 MMT in November, an increase from 4.92 MMT last year, following strong October exports of 6.5 MMT, up from 6.4 MMT year-over-year. This strong international supply, coupled with the lack of transparent US export data, contributes to the current downward pressure on corn prices. Investors should note the market's reliance on analyst estimates in the absence of official figures.
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moderately negative
Sentiment Score
-0.50
Ticker Sentiment
