Corn Futures Hit 3-Month Low

Corn futures fell to around $4.42 per bushel, hitting their lowest level in three months, as expectations of a large US crop and concerns over export demand weighed on prices. The US harvest was 74% complete as of November 1, up 14 percentage points from the previous week but still three points behind the five-year average. The USDA has forecast the country's second-largest corn crop on record, reinforcing expectations of ample supplies. Export demand offered some support, with the USDA reporting sales of 315,000 metric tons to Mexico and 136,000 MT to South Korea for the 2026/27 marketing year, following a separate 1.7 million MT sale to Mexico a day earlier. However, US corn export shipments totaled 884,766 MT in the week ended October 29, up 38.6% from the previous week but down 48.3% from a year earlier. The sharp annual decline highlighted concerns over the pace of shipments, with strong competition from other major exporters adding to pressure on US sales.