Corn futures closed higher on September 26, 2023, with September contracts settling at $5.12, up 1.75 cents. Over the week, September futures increased by 28.25 cents, while December futures rose by 28 cents. The average cash corn price was reported at $4.84 1/4, an increase of 2.25 cents.
CFTC data from August 25 revealed managed money added 126,008 contracts to their net long position in corn futures, bringing the total to 376,513 contracts—the highest since April 2022. Notably, speculative long holdings reached a record 465,500 contracts. Export commitments for the 2025/26 marketing year stood at 87.758 million metric tons, exceeding USDA projections, while sales for the 2026/27 crop hit 12.458 million metric tons, a 33.6% decline from the previous year but still the fourth largest for the week in 30 years.
According to Safras & Mercado, Brazil’s corn crop for 2026/27 is estimated at 145.6 million metric tons, a 0.6 million metric ton increase from earlier estimates, significantly above the USDA’s current projection of 139 million metric tons.
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