Corn Futures Drop on Tuesday Amid Global Market Developments
Corn futures declined by 4 ¼ to 6 ¼ cents across most contracts on Tuesday, closing near their lows. The CmdtyView national average Cash Corn price dropped 6 1/4 cents to $4.91 1/2. Some market participants had anticipated China to purchase US corn ahead of this week's meeting as goodwill positioning, but the spread between CBoT and Dalian Corn futures has narrowed significantly since June.
Monday's Crop Progress report showed that US condition ratings improved by 1 percentage point, reaching 57% in good to excellent condition. However, some states saw a decline in their ratings: Illinois dropped 3 points, Nebraska fell 11 points, Michigan decreased 25 points, and South Dakota slipped 2 points. Meanwhile, Minnesota experienced an improvement of 4 points, with Missouri increasing by 5 and North Dakota rising by 12 points.
The Buenos Aires Grain Exchange estimated the 2026/27 Argentina corn crop at 66 MMT, surpassing last year's output of 64 MMT. The crop is currently 11.1% planted. Additionally, ANEC forecasted a Brazilian corn export total for September at 5.97 MMT, representing a 0.23 MMT increase from their previous projection and a 28.25% increase from August but a 21.06% drop from the same period last year.