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Key takeaways:
The December contract on the Chicago Mercantile Exchange gained 3.6 cents per bushel to $4.35 per bu. It was up by 0.8% on the day. Additionally, the March contract rose by 2.4 cents per bu to $4.47 per bu, a 0.5% daily increase.
US weekly corn net sales for the 2025/26 marketing year rose by 112% and reached 2.8 million tonnes in the week to October 16, versus the previous week`s 1.3 million tonnes. This is according to USDA figures released on Friday.
Interestingly, the figure is higher than the export sales of 1.4 million to 2.5 million tonnes that market players expected for the week.
USDA also reported private export sales of 273,988 tonnes of corn to Unknown Destinations on Friday. The agency groups undisclosed destinations under “unknown.”
Prices in the Ukrainian corn market remained stable for December-February shipments on a FOB basis as well as on internal DAP terms, supported by ongoing logistics issues.
Selling ideas for December-January shipment were heard at $222-223 per tonne. Meanwhile, buying ideas were heard at $218-219 per tonne FOB Pivdennyi-Odesa-Chornomorsk (POC).
On the delivered markets, selling ideas were stable and at $243-244 per tonne CIF Marmara.
Concurrently, bids on internal DAP terms were heard up to $212 per tonne DAP POC for spot delivery.
In South America, the market was quiet following the US Thanksgiving national holiday on Thursday November 27.
Fastmarkets’ assessment for Argentine FOB premiums for December was steady at 98 cents per bu over December CME futures.
Corn planting advanced by 2 percentage points over the week, reaching 39.3% of the 7.8 million ha projected area. Buenos Aires Grain Exchange (BAGE) said this in its weekly report.
Brazil’s corn FOB premiums for December remained unchanged at 130 cents per bu. And Brazil’s corn Northern Arc FOB premiums for December was flat at 124 cents per bu. Both were over December CME futures.
Brazilian corn production is expected to reach 141.6 million tonnes in 2025/26. This is down by 6.2% from the previous year’s record crop of 151 million tonnes, data from local consultancy Agroconsult showed on Thursday.
Domestic demand is forecast at 105.5 million tonnes in 2026, up by 6.9% from the record 98.7 million tonnes from 2025.
Exports are expected to drop to 40 million tonnes in 2025/26, 2.6% lower than the 41.1 million tonnes forecast for 2024/25. But this is a 10% increase when compared with the 37.4 million tonnes exported in 2023/24.
In the US, the CIF Gulf premiums for December loading were steady at 83 cents per bu over the December CME futures contract.
Similarly, FOB Gulf premiums for the month remained at 100 cents per bu over the same underlying contract.
US FOB Pacific Northwest premiums for December were flat at 124 cents per bu over the December CME futures contract.
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