Corn Futures Under Pressure as January Concludes

Corn markets are experiencing notable weakness in the final trading days of January, with front-month futures contracts declining 5 to 5 ½ cents during midday sessions. The CmdtyView national average Cash Corn price has retreated 5 cents to $3.90 ½. Market dynamics are being shaped by broader commodity and currency movements, with the dollar index appreciating to $0.703 and crude oil prices sliding 94 cents per barrel—factors that typically weigh on agricultural export demand and pricing.

Strong Export Sales Activity Signals Market Resilience

Despite the price pressure, export sales data reveals robust activity in the corn market. Current commitments stand at 57.694 MMT (million metric tonnes), representing a 33% increase compared to the same period last year. This performance is particularly noteworthy as it places the market 71% through the USDA’s export projection for the season—exceeding the historical 67% average sales pace at this point in the marketing year. This suggests sustained demand for U.S. corn despite near-term price weakness.

Contract-Specific Performance and Market Outlook

The decline is evident across multiple contract expiration months. March 2026 corn is trading at $4.25 ¾, down 5 cents; nearby cash prices remain at $3.90 ½, also down 5 cents; May 2026 contracts have fallen to $4.33 ¾, off 5 ¼ cents; and July 2026 futures are at $4.40 ½, down 5 ¼ cents. The consistent weakness across the contract curve suggests market participants are reassessing price expectations as the year progresses. The convergence of strong export commitments with moderate price declines reflects a market attempting to balance healthy international demand with the influence of strengthening dollar values, which typically reduces U.S. export competitiveness in global markets.