Corn Futures Extend Gains in Chicago

Corn futures at the Chicago Board of Trade (CBoT) marked their second consecutive daily gain on Monday. The December contract rose by 2 cents to 416.5 cents/bu. In contrast, Euronext saw a slight decline for the most-traded March futures, which dropped by 0.25 EUR to 206.25 EUR/t, while later contracts posted modest gains. Today marks the last trading day for the November contract.

Weaker Dollar Boosts U.S. Corn Market Amid Strong Export Sales

The U.S. corn market is benefiting from a weaker dollar. This morning, the USDA reported private export sales for the 2024/25 season, including 150,000 tons to Mexico and 120,000 tons to unknown destinations. The Crop Progress Report, released after market close, indicated that 91% of the U.S. corn harvest was completed by Sunday—well above the five-year average of 75%. With the harvest nearing completion, supply pressure is expected to ease, which could provide additional support to the U.S. market. However, the outcome of Tuesday’s election could influence trade dynamics, as a Trump victory might risk renewed trade tensions with China, potentially impacting U.S. exports to the country.

U.S. Corn Export Inspections Show Year-on-Year Growth

Weekly export inspection data shows that 779,078 tons of corn were shipped from the U.S. in the week ending October 31, a decrease of 7.3% from the previous week but an increase of 35.6% from the same week last year. Total corn exports in the current marketing year now stands at 7.423 million tons, 33.7% above the previous year’s.

StoneX Reduces U.S. Corn Yield Estimate

On Monday, StoneX lowered its estimated average U.S. corn yield for 2024 to 183.7 bu/ac from 184.0 bu/ac in its October 1 report. The company also revised its corn production forecast from 15.222 billion bushels to 15.193 billion bushels. This aligns closely with the USDA's October WASDE estimate of 15.203 billion bushels.