The downward trend on the corn market continued on Thursday. In Chicago, the December contract lost 3.00 US cents and closed at 423.75 US cents/bushel. The March contract also lost 3.00 US cents and ended at 441.50 US cents/bushel.
The USDA reported brisk export business: 1.23 million tons of new corn sales were confirmed for the week ending September 11, an increase over the previous week and 45 percent above the previous year's level. The largest buyer was Mexico with 419,200 tons, followed by South Korea with 201,000 tons and Japan with 194,500 tons. In addition, a private deal for 110,000 tons of maize to Mexico was announced.
International impetus came from Brazil. The state authority CONAB estimates the 2025/26 maize harvest at 138.28 million tons, around 1.42 million tons less than in the previous year. Despite an increase in cultivation area to 22.63 million hectares, the forecast remained below the previous year's level. However, the combination of strong US sales and weaker Brazilian expectations failed to turn the mood around and prices remained depressed.
Corn also dropped on Euronext. November lost €0.25 to €189.50 per tonne.
