Corn Futures Nearing May High as Technical Buying Boosts Prices
Corn futures are on the rise, nearing their May high of $5.06 ½ per September contract. The recent surge is attributed to technical buying and a combination of factors driving prices higher. Scouts on the eastern leg of Pro Farmer's Crop Tour reported average yield potential in Illinois at 184.19 bu. per acre, down from last year's 199.57 bu. per acre.
The USDA reported weekly corn sales of 232,900 MT during the week ended Aug. 13, a decline of 43% from the previous week and 24% from the four-week average. Net sales of 816,100 MT were recorded for the 2026-27 marketing-year.
Soybeans are also experiencing an increase in prices, with September contracts facing resistance at $12.56 ½ per bushel. Support lies at $12.30 1/4 and $12.21. USDA reported daily sales of 150,000 MT of soybeans to unknown destinations.