Corn Futures Decline as Profit-Taking Takes Hold

Corn futures at the Chicago Board of Trade (CBOT) declined on Thursday due to profit-taking after Wednesday's rally, according to a market review by Manitoba Co-operator. Although cuts to U.S. corn yields and ending stocks projections remained supportive, increased area for production in July likely contributed to the turnaround in the market.

The review notes that weekly U.S. export sales data included 410,000 tonnes of old crop business and an additional 924,000 tonnes to move in 2026-27. Brazil's CONAB released updated production estimates placing the country's 2025-26 corn crop at 143 million tonnes, above the USDA's latest estimate of 140 million tonnes.

The Rosario Grain Exchange raised their estimate for Argentina's corn crop to 70.5 million tonnes, compared with the USDA's estimate of 63 million tonnes, and forecasted the 2026-27 crop at 66 million tonnes.