Corn Holds Near Two-Month Low

Corn futures held around $4.6 per bushel, near their lowest level in more than two months as weak export shipments and US harvest pressure outweighed stronger new-crop sales. USDA data showed US corn export sales for the 2026/27 marketing year rose 36% week over week to 60.1 million bushels in the week ended October 15, exceeding analysts' estimates and signaling solid demand for future deliveries. However, export inspections plunged nearly 49% to 672,475 metric tons, marking the lowest weekly total since October 2024 and highlighting a slowdown in actual shipments. The US harvest reached 44% completion as of October 18, up from 33% a week earlier, with dry weather across much of the Midwest expected to help fieldwork advance. The USDA projects record US production of 16.03 billion bushels and ending stocks of 1.849 billion bushels for 2026/27, reinforcing concerns over ample availability. These supply pressures continue to limit the market's recovery despite stronger export bookings.