Group 1 - Corn futures experienced fractional losses across most contracts, with March closing the week up by 3 cents [1] - The national average Cash Corn price decreased by ¾ cent to $3.99 [1] - The upcoming USDA Export Sales report is expected to show corn sales between 1.2-2.4 million metric tons for the week ending on December 4 [1] Group 2 - CFTC data for the week ending December 9 revealed that spec traders reduced their net long position in corn futures and options by 13,552 contracts, resulting in a net long of 9,718 contracts [2] - Safras has revised the 2025/26 Brazilian corn crop estimate to 142.88 million metric tons, which is a reduction of 0.68 million metric tons from the previous estimate [2] - The second crop of Brazilian corn is estimated at 101.79 million metric tons, while the first crop is estimated at 25.37 million metric tons, both showing reductions [2]

Core Insights - Corn futures experienced gains of 1 to 2 ¼ cents, with the national average cash corn price rising to $3.70 1/4 [1] - USDA reported corn export shipments of 1.129 MMT (44.47 million bushels) for the week ending October 9, marking a 119.74% increase year-over-year but a 33.61% decrease from the previous week [2] - The marketing year exports for 2025/26 reached 7.94 MMT (312.59 million bushels) since September 1, which is 64.97% higher than the same period last year [2] Export Destinations - Mexico was the leading destination for corn exports, receiving 299,156 MT, followed by Colombia with 202,680 MT and South Korea with 140,416 MT [2] Market Estimates - CONAB increased its estimate for the 2025/26 Brazilian corn crop by 0.32 MMT to 138.6 MMT [3] - ANEC projected Brazilian corn exports for October at 6.46 MMT, reflecting a 0.4 MMT increase from the previous estimate [3] Price Movements - December 25 corn futures are priced at $4.13, up 2 ¼ cents, while nearby cash corn is at $3.70 1/4, up 1 ¾ cents [3] - March 26 corn futures are at $4.29 1/4, up 2 cents, and May 26 corn futures are at $4.38, up 1 ½ cents [3]