The fields are nearly bare — look for corn prices to go higher

I am Stephen Davis, senior market strategist at Walsh Trading, Inc., Chicago, Illinois. You can reach me at 312-878-2391.

The corn harvest is nearly over and, in my opinion, demand for U.S. corn is going to drive prices higher. The lack of official information due to the government shutdown is a major issue. Export shipment inspection reports are the only government gauge of demand available. Top destinations for shipments last week were Mexico, South Korea, Japan and Spain. Once the government reopens, the resultant flow of data could be bullish for the market, especially if it comes when seasonals improve significantly around Thanksgiving.  For now, the uncertainty is resulting in volatile market conditions. 

Below is a daily chart of March 2026 corn with a 200-day moving average. Look for March corn to close above this significant line of 451.4. The second chart is a monthly corn chart. Notice the reversal up last month. In my opinion, corn is going to trade higher into the end of the year. 

An option strategy is to sell three March 2026 corn 425 puts at 6½ ($975). With that premium in your account, buy one March 2026 corn 445 call at 14 ($700). Expiration on these options is February 20, 2026. In my opinion, we won't see March 2026 corn reach 425.

Soybean complex just had a sharp $1.17 rally on the January 2026 contracts since October 14. Soybeans and corn are trading cousins. Look for corn to trade higher as well.

Stephen Davis
Senior Market Strategist 
Walsh Trading

Direct 312 878 2391 
Toll Free 800 556 9411
sdavis@walshtrading.com  
www.walshtrading.com

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