Corn futures climbed toward $5.10 per bushel, reaching a one-week high as delayed US harvesting and deteriorating crop conditions lent support to prices. By October 4, only 23% of the US corn crop had been harvested, below the five-year average of 27% and short of the 26% expected by analysts, after heavy rainfall across the Midwest slowed fieldwork. The share of the crop rated good-to-excellent also declined, slipping to 54% from 57% a week earlier.
Export demand remains relatively solid, with 2026/27 shipments running 4.4% above last year’s pace and at a record level for this point in the marketing year, even as weekly inspections eased to 1.368 million tonnes. In Brazil, planting of the first corn crop has reached 38%, slightly behind the 40% recorded a year earlier.
Geopolitical risks are providing additional support, as heightened Russia-Ukraine tensions fuel worries over potential disruptions to grain shipments through the Black Sea. Traders are now looking ahead to Friday’s USDA report for updated production and yield estimates, with current projections at 178.5 bushels per acre and total output of 15.8 billion bushels.