Corn Futures Rebound on Weaker Crop Ratings and Flash Export Sale
Corn futures rebounded on July 28 after the USDA reported weaker crop ratings, sparking buying interest in the grain market. The USDA's good-to-excellent corn rating dropped by four percentage points to 63%, indicating a decline in production potential. This decrease increased uncertainty ahead of the harvest, leading analysts to view the report as evidence that yields may not be as strong as previously expected.
The rally was also fueled by a flash export sale of 7.8 million bushels of corn to unknown destinations for delivery during the 2026-27 marketing year. This transaction immediately strengthened market sentiment and reinforced the buying interest in the grain market. Traders pointed to Mexico, Japan, and China as possible buyers, but China's historical association with similar purchases makes it a key player in the market.
December corn futures climbed 6.5 cents to $4.8050 per bushel, while September contracts gained 6.75 cents to $4.5850. Weather forecasts remained closely monitored, with NOAA projecting additional rainfall across parts of the Upper Midwest and warmer-than-normal temperatures expected in early August.