Corn Futures Plunge to Three-Week Low Amid Soybean Selling Pressure

Corn futures plummeted to a three-week low as broad selling across grain markets intensified. The price drop was largely driven by a sharp decline in soybeans, which came under pressure after China excluded them from proposed tariff reductions on US agricultural products.

This led traders to liquidate positions and weighed heavily on corn through spillover selling. Although corn itself was included in China's proposed tariff cuts, along with other US agricultural products, the agreement provided no fresh US corn purchase commitments.

New data shows that US corn export inspections totaled 1.57 million metric tons in the week ended September 24, down from 1.96 million tons a week earlier but near the upper end of market expectations.

The US harvest reached 18% completion as of September 27, slightly ahead of the five-year average, while 56% of the crop was rated good or excellent.