Corn Holds at 3-Month Low

Corn futures held below $4.40 per bushel, staying near their lowest level in three months, as expectations of ample US supplies and sluggish export demand continued to weigh on prices. The USDA's October forecast put 2026 production at 16.03 billion bushels, marking the second-largest crop on record, while the November 1 harvest was 74% complete, slightly behind the five-year average of 77%. Drier weather across much of the Midwest is expected to help farmers finish harvesting. Export demand also remained a concern, with US corn marketing-year commitments running 34% below the same period last year, although lower prices have recently encouraged fresh international buying. Meanwhile, stronger domestic demand offered some support, as US ethanol production rose for a fifth straight week to 1.143 million barrels per day in the week ended October 30, its highest since January. Traders now await the USDA's November WASDE report for updated estimates on production, demand and ending stocks.