Corn futures finished Friday modestly higher, extending gains across the major contracts and leaving December 2026 corn 4 cents higher for the week. December futures settled at $4.45½ per bushel, up 3 cents on the session, while March 2027 gained 2 cents to close at $4.56¾.
The strongest support came from US export demand. USDA reported weekly corn sales of 2.88 million tonnes for the week ending November 5, the highest level of the 2026/27 marketing year and 194.2% above the same week last year. Mexico was the largest buyer, while a separate private export sale confirmed additional demand from the country.
The cash market also strengthened, with the CmdtyView national average price rising 4 cents to $4.13¼. Heading into next week, traders will be assessing whether strong export commitments can continue to support prices against substantial South American production prospects and the rapid pace of planting in Argentina.
Market Snapshot
| Indicator | Latest Position |
|---|---|
| December 2026 corn | $4.45½, +3 cents |
| March 2027 corn | $4.56¾, +2 cents |
| May 2027 corn | $4.64, +1¼ cents |
| December 2027 corn | $4.79¾, +1¼ cents |
| Nearby cash corn | $4.13¼, +4 cents |
| New-crop cash corn | $4.42⅝, +1¼ cents |
| December weekly performance | +4 cents |
| USDA weekly 2026/27 export sales | 2.88 MMT |
| Export sales versus same week last year | +194.2% |
| Private export sale to Mexico | 303,800 MT |
| Brazil corn production estimate | 148 MMT |
| Argentina crop planted | 51.2% |
Friday’s Corn Market Close
Corn futures posted modest gains across the board on Friday, with contracts advancing between 1 and 3 cents.
December 2026 corn settled at $4.45½, gaining 3 cents, while March 2027 finished at $4.56¾, up 2 cents. May 2027 and December 2027 contracts each advanced 1¼ cents, closing at $4.64 and $4.79¾ respectively.
December corn ended the week 4 cents higher, indicating a modest improvement in market sentiment despite the relatively limited daily price movement.
The cash market provided additional support. The CmdtyView national average cash corn price increased 4 cents to $4.13¼, while new-crop cash corn advanced 1¼ cents to $4.42⅝.
USDA Export Sales Reach Marketing-Year High
USDA Export Sales data provided the strongest bullish development heading into the weekend.
Total US corn sales for the 2026/27 marketing year reached 2.88 million tonnes during the week ending November 5. This was the highest weekly total of the current marketing year and represented an increase of 194.2% compared with the same week last year.
Mexico was the largest buyer, accounting for 1.955 million tonnes, while Colombia purchased another 307,400 tonnes.
Sales for the 2027/28 marketing year totalled 594,360 tonnes, with all reported purchases going to Mexico.
The figures demonstrate strong international demand for US corn and provide an important source of support for futures prices. Traders will be watching whether export commitments remain elevated in the next USDA report.
Private Export Sale Adds Further Mexican Demand
USDA separately confirmed a private export sale of 303,800 tonnes of corn to Mexico.
The sale was divided between:
- 272,820 tonnes for the current marketing year.
- 30,480 tonnes for the 2027/28 marketing year.
The announcement reinforces Mexico’s position as a major buyer of US corn and adds to the positive export picture.
The combination of the private sale and the strong weekly export figures provides evidence of substantial buying interest across both current and forward marketing periods.
Brazil Production Estimate Remains at 148 Million Tonnes
Brazil’s agricultural agency CONAB left its corn production estimate unchanged at 148 million tonnes.
The breakdown remained:
| Brazil Corn Production | Estimate |
|---|---|
| Total production | 148 MMT |
| First crop | 32.1 MMT |
| Second crop | 113.3 MMT |
The unchanged forecast indicates that Brazil’s production outlook remains stable in the latest assessment.
Brazil is a major competitor in international corn markets, and its expected output will remain an important factor in determining the availability of export supplies over the coming months.
Argentina Planting Advances Ahead of Average Pace
The Buenos Aires Grains Exchange estimated that Argentina’s corn crop was 51.2% planted, well ahead of the average pace.
The rapid progress is an important development for the South American supply outlook. A faster planting pace can improve the prospects for timely crop establishment, although the final production outcome will depend on growing conditions as the season progresses.
Traders will be monitoring subsequent planting updates and weather developments for evidence of whether the early progress translates into a favourable harvest outlook.
Bullish Sentiment
- Marketing-year high export sales: US corn sales reached 2.88 million tonnes, the strongest weekly total of the 2026/27 season.
- Strong year-on-year demand growth: Weekly sales were 194.2% higher than the same week last year.
- Mexican buying: Mexico purchased 1.955 million tonnes in weekly sales and was also the destination for a separate 303,800-tonne private sale.
- Stronger cash prices: Nearby cash corn advanced 4 cents to $4.13¼.
- Positive weekly futures performance: December corn finished the week 4 cents higher.
Bearish Sentiment
- Large Brazilian production outlook: CONAB maintained its estimate at 148 million tonnes, indicating substantial expected South American supply.
- Rapid Argentine planting: With 51.2% of the crop planted, progress is well ahead of the average pace.
- Modest futures gains: Despite strong export sales, Friday’s advance remained relatively limited across the major contracts.
Corn Price Forecast – What Traders Are Watching Next Week
The coming week will test whether strong US export demand can provide further momentum for corn futures.
The main factors to monitor include:
- US export sales: Whether the marketing-year high of 2.88 million tonnes is followed by another strong weekly performance.
- Mexican demand: Whether Mexico continues to purchase significant volumes of US corn.
- Brazilian production: Whether CONAB maintains its 148-million-tonne forecast in subsequent updates.
- Argentine planting progress: Whether planting remains ahead of the average pace.
- Cash market strength: Whether nearby cash prices can build on Friday’s 4-cent increase.
- December futures: Whether the contract can extend its weekly advance beyond the $4.45½ settlement.
Supply Outlook
The South American supply outlook remains a key consideration. Brazil’s production estimate is unchanged at 148 million tonnes, while Argentina’s planting campaign is progressing ahead of average.
These developments suggest that the market must balance strong US export demand against the potential availability of substantial South American supplies.
The next Argentine planting updates and subsequent Brazilian production assessments will be important in determining whether the current outlook remains intact.
Demand Outlook
Demand is currently the strongest supportive factor for US corn.
Weekly export sales reached a marketing-year high, with Mexico accounting for the largest share. Colombia also purchased a substantial volume, while forward sales for 2027/28 demonstrate buying interest extending beyond the current marketing year.
The separate 303,800-tonne private sale to Mexico adds further evidence of international demand.
Maintaining this level of export activity will be important if corn futures are to extend their recovery.
Corn Market Outlook for the Week Ahead
Corn futures enter the new week on a modestly positive footing after Friday’s gains and a 4-cent weekly advance in December 2026 contracts.
The strongest development is the improvement in US export demand. Weekly sales of 2.88 million tonnes were the highest of the marketing year and almost three times the level recorded during the comparable week last year. Mexico’s substantial purchases and the additional private export sale provide further support.
However, the supply outlook remains competitive. Brazil’s production estimate stands at 148 million tonnes, while Argentina’s planting campaign is progressing well ahead of average. These factors could limit the market’s ability to sustain a stronger rally if South American production prospects remain favourable.
Next week, traders will be watching whether US export sales maintain their momentum and whether the cash market continues to strengthen. Continued demand from Mexico and other major buyers could help push futures higher, while the South American crop outlook will remain a potential constraint.
For now, corn has a constructive demand backdrop, but the market will need continued export strength to overcome the pressure from substantial expected supplies in Brazil and Argentina.
Currency Hedger – Market Contributor
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Disclaimer: This article is provided for informational and market commentary purposes only. It does not constitute investment advice, financial advice or a recommendation to buy or sell any financial instrument. Commodity prices are subject to volatility, and readers should conduct their own research before making trading or investment decisions.
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