Corn Trades Near August Lows

Corn futures held around $4.4 per bushel, near their lowest level since mid-August, as traders positioned ahead of the USDA's November WASDE report for updated estimates on US production and inventories. Analysts expect the agency to lower its 2026/27 production forecast to 15.94 billion bushels from 16.03 billion in October, potentially providing support to prices. The US harvest reached 81% completion as of November 8, five percentage points behind the five-year average, with wet conditions slowing fieldwork in key producing states such as Iowa. Funds have also completed their liquidation of net-long positions, leaving room for renewed buying if the USDA delivers a deeper production cut. However, export demand remains a concern, with weekly corn inspections at 905,267 metric tons, down from 1.48 million tons a year earlier. A fresh sale of 110,000 tons to Mexico for delivery in 2026/27 offered some support.