Corn – International Market
10-Dec-2025 08:27 AM
Corn – International Market
The monthly WASDE report released this morning showed a 125 million bushel cut to U.S. ending stocks, now at 2.029 billion bushels. This was well below market expectations and the entire reduction came from an increase in export projections.
Globally, the biggest change was a 1.71 MMT increase in carryover, mainly in Argentina. The U.S. reduction was larger, but the Argentine increase offset it. World ending stocks for 2025/26 are now seen at 279.15 MMT, down 2.19 MMT from last month. Another notable change was a 3 MMT cut in Ukraine’s production estimate.
CFTC data for the week of November 4 shows corn speculators trimming 17,990 contracts from their net short, bringing it down to 71,516 contracts.
A South Korean importer bought 132,000 MT of corn in an overnight tender, though the origin was not disclosed. ANEC estimates Brazil’s December corn exports at 6.3 MMT—1.31 MMT higher than last week and 2.03 MMT above last year’s December total. Argentina’s economy minister announced a 1-percentage-point cut in the corn export tax, bringing it down to 8.5%.