US Corn Exports Surge Despite Market Softness

US corn futures faced selling pressure on Monday, with front-month contracts declining 2 cents or less as traders digested mixed supply signals. The national cash corn benchmark retreated to $3.87 ½, marking a ¾ cent decline for the session.

Export Momentum Masks Near-Term Weakness

The real story lies in the remarkable export performance. USDA reported 1.63 MMT (64.26 mbu) of US corn shipped during the seven days ending November 20—a figure that pales only when compared to the immediately preceding week but surges 61.78% year-over-year. More impressively, the marketing year total has climbed to 17.483 MMT (688.27 mbu) since September 1, representing a towering 72% increase from the comparable 2024 period.

Mexico commanded the lion’s share of outbound shipments at 624,332 MT, followed by Japan’s 284,704 MT intake and South Korea’s 137,136 MT. This distribution underscores the geopolitical importance of US corn supplies across multiple Asian and North American buyers.

Harvest Progress Lags Seasonal Norms

The final 2024 crop progress update from NASS painted a slightly sluggish picture: 96% of the US corn harvest has been completed as of the reporting period, trailing the five-year average of 97%. Meanwhile, Brazilian first-crop plantings lagged expectations at 93% completion in the center-south region Thursday, compared to last year’s 95% pace at the same juncture.

Futures Contract Settlement

December 2025 contracts wrapped at $4.23 ¾, down 1 ¾ cents. March 2026 futures finished at $4.36 ¾ (down ¾ cent), while May 2026 closed at $4.44 ¼ (off ½ cent). Nearby cash settlements anchored at $3.87 ½, reflecting the overall weakness.

Traders anticipate Export Sales data Tuesday morning for the week of October 9, with forecasts ranging between 0.9–2.5 MMT as delayed reporting catches current activity.