Corn futures concluded Friday, May 29, 2026, with widespread losses, as month-end profit-taking and significant external pressures weighed heavily on the market. Prices fell between 2 and 9 cents across various contracts, culminating in a notable 16 ½ cent weekly decline for the July contract.
The downturn was attributed to a confluence of factors, primarily money flowing out of the market as the month drew to a close and ahead of the weekend. Crude oil prices also exerted downward pressure, falling $1.14 per barrel, a movement often indicative of broader economic sentiment or supply dynamics that can influence agricultural commodities. Market participants were also reportedly monitoring developments surrounding a proposed agreement between the United States and Iran, a geopolitical event with potential implications for global energy markets and, by extension, commodity prices.
Futures and Cash Market Performance
Specific contract performance on Friday reflected the bearish sentiment:
- Jul 26 Corn closed at $4.46 3/4, down 9 cents.
- Sep 26 Corn closed at $4.55 3/4, down 8 1/2 cents.
- Dec 26 Corn closed at $4.75, down 7 1/4 cents.
The cash corn market mirrored the futures decline. The CmdtyView national average Cash Corn price fell 9 1/2 cents to $4.07 ½. Similarly, Nearby Cash was quoted at $4.07 1/2, also down 9 1/2 cents, while New Crop Cash saw an 8 3/4 cent reduction, settling at $4.26 3/4.
USDA Export Sales Data Reveals Mixed Trends
Fresh data from the USDA Export Sales report for the week ending May 21 presented a nuanced picture of international demand. Total corn sales for the 2025/26 marketing year amounted to 1.015 million metric tons (MMT). While this figure represented a substantial 52.2% decrease from the previous week’s sales, it still stood 10.8% higher than sales recorded during the same week last year, suggesting underlying resilience in demand despite recent fluctuations.
Key Buyers and New Crop Activity
Mexico emerged as the leading buyer, securing 435,900 MT of corn. Other significant purchasers included Colombia, with 251,500 MT, and Japan, buying 118,300 MT. The report also highlighted robust activity in new crop business, which reached a marketing year high of 618,594 MT. Mexico again was a primary destination for new crop, purchasing 249,900 MT, with an additional 197,500 MT designated for unknown destinations. Accumulated new crop business now totals 2.953 MMT, a figure that is only marginally down by 1.6% compared to the same period last year.
Managed Money Reduces Long Positions
Further insights into market sentiment came from the CFTC data released on Friday afternoon, covering the week that ended on May 26. Managed money funds significantly scaled back their bullish bets on corn, slashing 87,850 contracts from their net long position in corn futures and options. This substantial reduction brought the net long position down to 205,504 contracts as of Tuesday, indicating a notable shift in speculative positioning and a potential move towards risk aversion among institutional investors.
The combination of month-end financial adjustments, external market pressures from crude oil, and a significant reduction in speculative long positions painted a challenging picture for corn futures on Friday. While export sales data showed a weekly decline, the year-over-year comparison and strong new crop business offered some underlying support, but these factors were overshadowed by the immediate bearish sentiment driving prices lower across the board.
