Brazil's Stronger Crop Outlook Weighs on Corn Futures

Corn futures pulled back from their post-report highs on Friday, August 13th. The decline was attributed to improved production prospects in Brazil. According to Conab, Brazil's total grain crop for the 2025-26 season is expected to increase by 2.4% to 260.8 MMT. This includes a 1.3% rise in corn production to 143 MMT, surpassing the previous forecast of 141.7 MMT.

The USDA reported weekly old-crop corn sales totaling 410,700 MT during the week ended August 6th, which was up from the previous week and 46% higher than the four-week average. New-crop sales came in at 924,500 MT. Soybeans were around a penny higher, while meal futures rose by $2.50. However, soybean momentum was curbed by technical resistance.

In other markets, September SRW wheat futures were modestly firmer but limited by resistance at the 20-day moving average. The USDA reported weekly wheat sales of 255,900 metric tons for 2026-2027, which was down from the previous week and four-week average.