Corn Futures Rise on Strong Exports as Soybean Shipments Disappoint

U.S. grain markets closed out August with mixed results. Corn futures rose modestly, while wheat dropped sharply and soybeans finished nearly unchanged.

The divergence in U.S. grain prices was attributed to stronger-than-expected corn exports against harvest pressure, weather risks, and expanding Brazilian production.

The USDA's export inspection data showed a clear bullish signal for corn, with inspections reaching 58.9 million bushels in the week ended August 27, up roughly 13% from the previous week and above analysts' expectations of 45.3 million to 49.2 million bushels.

Mexico, Spain, Colombia, South Korea, and Japan were among the top destinations for U.S. corn shipments.

Cumulative U.S. corn inspections for the nearly completed 2025/26 marketing year reached 3.3 billion bushels, 25% ahead of the previous year's pace, providing support for basis and cash-market opportunities as combines begin moving into fields.

However, international supply remains a significant counterweight, with Brazil's Safras & Mercado raising its 2026/27 corn production estimate to 5.732 billion bushels, 236 million bushels above its previous projection.

Soybean futures presented a less convincing demand picture, with shipments reaching only 9.2 million bushels through August 27, down nearly 42% week over week and below trade expectations ranging from 14.7 million to 22 million bushels.

The broader cost environment could become just as important as grain prices, with Brent crude jumping 5.25% and moving back above $90 per barrel during Monday trading.