Corn futures finished lower on Thursday, with the front contract months slipping by 2 to 3 1/4 cents, while deferreds edged slightly higher. The market also weighed new U.S. export sales data and an outlook for additional rainfall across parts of the central and northern Plains.
The CmdtyView national average “Cash Corn” price fell 2 3/4 cents to $4.16 1/4. Weather models calling for 1 to 2 inches over the next week across areas of eastern Nebraska, the eastern portions of the Dakotas, and parts of Minnesota, Missouri, Wisconsin, Iowa, Illinois, Indiana and Ohio contributed to a softer tone in futures.
Key takeaways
- Prices fell in the near months: Front corn futures closed down 2 to 3 1/4 cents, while some deferred contracts finished fractionally higher.
- Catalyst was two-sided: A wetter forecast for parts of the Midwest and Plains weighed on sentiment, even as export sales data showed activity at a recent high.
- Export demand remains a support: Weekly export sales in the 2025/26 marketing year totaled 362,916 metric tons, including large commitments to Colombia, Mexico and “unknown destinations.”
- Implication for traders: Investors will likely track how rainfall develops alongside the durability of export bookings into 2026/27.
What drove the move
Thursday’s weakness in front-month corn futures aligned with weather expectations for the coming week. According to the market’s latest outlook, precipitation of roughly 1 to 2 inches was forecast across much of eastern Nebraska and the eastern sections of the Dakotas, with additional coverage extending through Minnesota, Missouri, Wisconsin, Iowa, Illinois, Indiana and Ohio, including much of it expected over the next couple of days.
At the same time, export sales data provided demand support. Export Sales data released this morning showed 362,916 metric tons in U.S. corn sales for the 2025/26 marketing year during the week of 7/23. The report said this was a 3-week high and 6.5% above the same week a year earlier.
By destination, the report listed Colombia as the buyer of 173,900 metric tons and Mexico as purchasing 129,800 metric tons. It also cited bookings for “unknown destinations” totaling 425,500 metric tons, alongside Mexico purchases of 376,300 metric tons under the 2026/27 marketing year. For 2026/27, total bookings were 1.062 million metric tons, described as a marketing-year high, though still 43.8% below the same week last year.
Market reaction across key contracts
Price action reflected the combination of near-term pressure from the rainfall outlook and support from export bookings. September 26 corn closed at $4.45 3/4, down 3 1/4 cents. Nearby cash was $4.16 1/4, down 2 3/4 cents.
Deeper into the curve, December 26 corn finished at $4.68 1/2, down 3 1/4 cents, while March 27 corn closed at $4.84 1/2, down 2 3/4 cents. New crop cash was reported at $4.19 3/4, down 3 3/4 cents.
What investors will watch next
With corn futures closing weak in the front months, the near-term focus is likely to remain on rainfall timing and totals—particularly for crop areas listed in the forecast—along with any follow-through in export demand.
Upcoming export sales updates and the next set of weather developments could determine whether the market continues to fade the impact of improved precipitation or re-prices the outlook as demand signals evolve. Traders will also watch broader commodity and macro drivers that can influence agricultural risk appetite, including interest-rate expectations and the strength of the U.S. dollar, as these can affect export competitiveness and pricing trends across the grain complex.
