Corn futures have started the week with declines of 6 to 7 cents, driven by pressure from soybean markets. The CmdtyView national average cash corn price currently stands at $4.78, down 6 cents. This development follows a recent US-China meeting in which China lifted tariffs on various U.S. goods, including corn.
According to the USDA, corn export shipments totaled 1.566 million metric tons (61.65 million bushels) for the week ending September 24, marking a 20.11% decrease from the previous week but a 1.73% increase compared to the same week last year. Mexico was the largest export destination, receiving 510,846 metric tons, followed by South Korea at 338,808 metric tons and Japan at 251,190 metric tons. The current marketing year exports for 2026/27 are at 5.726 million metric tons (225.43 million bushels), up 12.08% year-over-year.
In additional market developments, recent Commitment of Traders data revealed that managed money reduced their net long position in corn futures and options by 12,405 contracts, bringing the total to 414,437 contracts as of September 22. Furthermore, Brazil’s first corn crop is now 34% planted, ahead of last year’s pace of 32%, according to AgRural.
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