Corn Futures Rise Modestly Amid Technical Resistance

Corn futures rose modestly at midmorning, while soybean prices continued to follow through on previous gains. The US Department of Agriculture reported daily sales of 286,097 MT of corn to Mexico, with 29,808 MT for the 2026-27 crop year and 256,289 MT for 2027-28. Senate Democrats rejected a Republican-drafted farm bill due to disagreements over SNAP benefits, casting doubt on the legislation's passage.

The French corn crop is expected to decline by 35% to 9.0 MMT, its lowest since at least 1980, as heatwaves and droughts affected crops. September corn futures are facing technical resistance around $4.45 1/2 to $4.54 1/2, but the 40-day moving average provides support at $4.36 1/2.

Soybean prices were supported by continued demand from China, with the US Department of Agriculture reporting daily sales of 238,000 MT during 2026-27. However, China's July soybean imports fell 1.6% to 11.48 MMT due to reduced buying expectations and a shrinking sow herd size.