“Prices were steady to $.03 lower, closing well off session lows. Spreads weakened. Dec-26 futures rejected trade into new lows for the week. We estimate MM’s held a record large, long position at 491k contracts at yesterday’s close. O.I. increased 13k contracts in yesterday’s trade with the Dec-26 O.I. above 1 mil. contracts for only the second time in history. IMEA forecasts the 2^nd crop corn in Mato Grosso, Brazil’s largest producing state, would fall to 53.7 mmt in 2026/27, down 7.5% from YA as El Nino is likely to reduce yields. Allendale is forecasting U.S. production at 15.83 bil. bu. with an average yield of 178.7 bpa, down 180 mil. bu. from the USDA forecast in August,” wrote Mark Soderberg with ADM Investor Services.