Argentine corn resists Chicago's decline: the December 2026 Rosario contract rose 0.2% to 187.5 USD/t and the 2026/27 position advanced 0.3% to 189.0 USD/t, while Chicago fell 1.1% to 174.2 USD/t.
The Argentine corn futures market continues to absorb the bearish impact coming from Chicago with far less force, supported by the favorable conditions currently in place for the South American grain.
The December 2026 corn contract on CME Group (“Chicago”) ended this Thursday at 174.2 USD/t, with an intraday drop of 1.1%, within the framework of a bearish process that has been consolidating for weeks. In contrast, the equivalent contract on A3 Mercados, Rosario Corn December 2026, closed at 187.5 USD/t with a gain of 0.2%, while the new-crop 2026/27 position ended at 189.0 USD/t with an advance of 0.3%, moving against Chicago.
With Ukraine out of the game due to the Black Sea “logistics blackout,” Mercosur — with Brazil and Argentina at the helm — took over the global supply of corn. The monthly USDA report cut its projection for Ukraine's 2026/27 exportable supply from 22.0 to 20.0 million tonnes, although USDA technicians in Kyiv estimate that the country would only be in a position to export 10.2 million tonnes.
That gap is being filled by Mercosur in general and Argentina in particular, which thanks to a record harvest has the most competitive corn FOB values in the world. The pressure of external demand prevents the flood of supply from turning into a price “bloodbath”: with an official FOB of 205 USD/t for December shipment, the theoretical FAS for corn stands at around 175 USD/t.
In the current month of November, declared shipments (DJVE) of Argentine corn lead the logistics ranking with 3.38 million tonnes, followed by wheat with 1.84 million tonnes.
