Corn Futures Rebound to $5 as Soybean Rally Falters

Corn futures reclaimed the $5 mark in U.S. grain markets on Thursday, August 20, as soybean prices stalled and winter wheat posted modest gains.

The December corn contract surged 5.5 cents to settle at $5.0350 per bushel, with September futures rising 5.75 cents to $4.7875 per bushel.

Traders attributed the move to disappointing field observations from the Pro Farmer Crop Tour and forecasts for warmer-than-normal temperatures in the coming weeks.

The shift is significant as commodity prices enter a critical pre-harvest period, with expectations for crop yields, USDA export demand, and weather influencing marketing, storage, and farm-income decisions.

Soybean futures, however, failed to gain traction despite strong demand, as record crop expectations capped the rally.

November soybeans slipped 0.75 cent to $12.3650 per bushel, while January futures edged 0.25 cent higher to $12.5150.

Wheat prices also moved higher, supported by both export demand and geopolitical uncertainty, with September Chicago SRW futures gaining 2.5 cents to $6.8275 per bushel.