Corn futures continued their trend of higher one week and lower the next as futures traded lower again last week. December corn was down 5 cents while March and May were both down 7 cents. December corn has been trading in the $4.25-4.40 range the past month and appears it will continue into expiration. With Friday being first notice day for December futures and the funds estimated to be short December futures, we could see a slight bounce this week as they exit or roll their positions. The funds are estimated to be short 114,112 corn contracts and long 130,901 soybean contracts.
The USDA has been releasing some reports, but all the information is old and thus has been brushed aside. Last week’s export sales report dated back to 10/2/25 and showed corn sales at 89 million bushels. The US appears to be the best market for corn as it is currently trading $10/metric ton under Brazilian corn. At the 5-week mark of the marketing year(Oct 2nd report), corn is well ahead of any other year in history for sales. Given the ample US supply and current price discount, this could continue for some time.
Lat weeks crop progress report showed 91% of the US corn crop in the bin which is behind last year by 7% and slightly behind the five-year average of 94%. Favorable weather last week should have allowed decent progress. Monday afternoon’s report will be the last harvest progress report for the year.
With a trade shortened holiday week and first notice day for December futures we could see some action early in the week but minimal trade on Wednesday and Friday. Open interest in the December contract is close to 200,000 contracts as of Friday.
Upcoming reports
| Date | Report |
| 11/27/2025 | No Markets – Thanksgiving |
| 12/9/2025 | Crop Production |
| 1/12/2026 | Crop Production |
