Corn futures climb on chart-driven buying and firm export sales

what happened

Corn futures on the Chicago Board of Trade closed higher on Friday, with traders pointing to technical buying and steady demand from US exporters, according to Reuters. Sales to Mexico totaled 303,300 metric tons, split between 272,820 tons for the 2026/27 crop year and 30,480 tons for 2027/28, based on the US Department of Agriculture's daily reporting system.

Separately, the USDA put weekly 2026/27 corn export sales at 2.9 million metric tons for the week ended November 5, at the upper end of the 2 million to 3 million range analysts had expected. On Tuesday the agency lowered its production and inventory forecasts by more than the market anticipated, and that pushed prices higher.

The most-active contract had dipped to a four-month low on Monday but partly recovered this week. December futures settled Friday at $4.45-1/2 a bushel, gaining 0.9% over the week.

why it matters

Lower US crop and stock estimates tighten supply and support prices, while strong export demand adds further backing. The rebound after the drop to a four-month low shows buyers returned to the market.

market impact

Corn: cut USDA supply forecasts and strong exports support prices

• ▲Corn futures pressure up — lower USDA production and stock forecasts tighten supply

tags

instruments