Corn Futures Market Reaches Three-Month High on Disappointing Crop Tour Numbers

The corn futures market has reached a three-month high due to disappointing crop tour numbers in South Dakota and Ohio. The Pro Farmer Crop Tour reported middling yields, which could lead to even lower numbers for yields and total crop production in the next World Agricultural Supply and Demand Estimates (WASDE) report from the United States Department of Agriculture on September 11.

Fundamentals on corn are bullish and technicals favor higher prices. The demand for U.S. corn is expected to be strong into early 2027 due to record-breaking heat negatively affecting crops in European countries, potentially leading to large purchases of U.S. corn from these countries.

According to Stephen Davis, senior market strategist at Walsh Trading, Inc., 'Fundamentals on corn are bullish and the technicals favor higher prices.' He recommends buying December 2026 corn at 482.0 with a risk trade to 470.0 stop, good till cancelled (GTC), resulting in a profit potential of $1,950 per contract.