Corn Fading Back Early on Wednesday

Core Insights - Corn prices experienced a slight decline of 2 cents on Wednesday morning, following a bullish USDA report that led to gains of 4 to 5 cents across most futures contracts on Tuesday [1] - The USDA's monthly WASDE report indicated a reduction of 125 million bushels in US ending stocks, now totaling 2.029 billion bushels, primarily due to increased exports [2] - Global corn ending stocks for 2025/26 are projected at 279.15 million metric tons, reflecting a decrease of 2.19 million metric tons from the previous month, with significant adjustments noted in Argentina and Ukraine [3] Market Activity - South Korean importers purchased a total of 136,000 metric tons of corn, while Taiwan tendered for 65,000 metric tons [4] - Brazil's corn export estimates for December have been raised to 6.3 million metric tons, marking an increase of 1.31 million metric tons from last week's projection and a rise of 2.03 million metric tons compared to last year [4] - Argentina has reduced its export tax on corn by 1 percentage point to 8.5% [4] Price Movements - December 25 Corn closed at $4.40 3/4, up 4 1/2 cents, while nearby cash prices were at $4.03 1/2, also up 4 1/2 cents [5] - March 26 Corn closed at $4.48, up 4 1/4 cents, and May 26 Corn closed at $4.55 1/2, up 4 1/4 cents [5]