First notice day and increasing demand for U.S. corn could present buying opportunities

I am Stephen Davis, senior market strategist at Walsh Trading, Inc., in Chicago, Illinois. You can reach me at 312- 878-2391 and sdavis@walshtrading.com.

A promising beginning to the corn market this morning could be dampened by tomorrow's first notice day. If you hold a long position in December corn, you must close your position by the end of the trading day tomorrow, November 26, to avoid delivery obligations.

In my opinion, first notice day is an opportunity to buy corn at lower prices. Additionally, end-of-month positioning will be a significant factor throughout the remainder of this week.

According to shipping schedules seen by global news agency Reuters, three cargo vessels are enroute to U.S. terminals to load grains bound for China. Two will carry the first U.S. soybean shipments to China since May. A third vessel headed to a Texas Gulf Coast grain terminal is to be loaded with China-bound U.S. sorghum (milo) in what will be the first American shipment of the feed grain to China since mid-March.

In essence, China is resuming the importation of grains from the United States. Meanwhile, corn prices on China's Dalian Commodity Exchange (DCE) have rallied to their highest since September, fueling speculation that heavy rains have damaged crops in China's growing region. 

Top destinations for U.S. corn shipments last week were Mexico, Japan and South Korea. South Korea has made additional purchases this week of 264,000 tons. Corn demand remains robust, and, in my opinion, this trend will persist, enabling the U.S. to consume the record-high harvest.

The chart below is the 100-day moving average for March 2026 corn. I think corn will stay above that line. 

A trade strategy is to buy March 2026 corn at 438.0 per contract. Risk the trade at 428.0 stop, good until cancelled ($500 risk per contract). The profit objective is 456.0. That's a $900 profit per contract. 

To discuss future and options strategies, contact me anytime at 312-878-2391. Have an excellent evening and happy Thanksgiving holiday.

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Stephen Davis
Senior Market Strategist 
Walsh Trading, Inc. 

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

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