Corn futures experienced a pullback on Tuesday, retreating 2 to 4½ cents after posting gains across multiple contracts on Monday. The September futures contract expired up 1¾ cents at $5.12, while the December 2026 contract closed at $5.33¼, up 3 cents but down 4¼ cents at the time of reporting. The nearby cash price settled at $4.87¼, reflecting a gain of 3¼ cents from the previous session.
Monday’s trading saw positive momentum with open interest climbing by 10,360 contracts, suggesting increased new buying activity. The December contract closed up 3 cents, the March 2027 contract finished 2½ cents higher at $5.48, and the May 2027 contract gained 2¼ cents to close at $5.55¼. Forty-three deliveries were recorded against September corn on the final trade day.
Crop development data showed the United States corn crop was 86% dented as of September 13, with 42% reaching maturity and harvest activities at 8% completion. Condition ratings improved by 1 percentage point to 57% in good to excellent condition. Export shipments totaled 1.525 MMT for the week, representing a decline of 8.91% from the prior week and falling 0.54% short of the same period last year. Mexico emerged as the largest destination, receiving 478,113 MT of corn shipments.
International supply developments included an upward revision of Brazil’s 2025/26 corn crop estimate to 144 MMT, reflecting a 1.04 MMT increase from previous assessments. Ukrainian corn production for 2026/27 was estimated at 32.3 MMT, marking a 2.5 MMT increase from prior estimates, with projected exports for the marketing year set at 22 MMT. Marketing year corn shipments through the first ten days totaled 2.174 MMT, running 0.46% below the comparable period in the prior year.
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