Corn Futures Slide to Six-Week Low on Supply Concerns

Corn futures have dropped below $5.0 per bushel, marking their lowest point in six weeks. The decline comes as US inventories exceeded expectations, with the USDA reporting 2.095 billion bushels as of September 1, up 35% from the same period last year. Markets had anticipated 1.924 billion bushels, highlighting concerns over surplus supplies ahead of the 2026 harvest.

The price drop was also fueled by weak export demand. US corn commitments for the 2026/27 marketing year stood at 18.774 million tonnes, down 31% from the previous year and 8% below the five-year average. Drier weather in the Midwest is expected to speed up fieldwork, further pressuring prices.

Adding to the downward trend, China excluded soybeans from proposed tariff reductions on US agricultural goods, contributing to broader weakness in grain markets. However, a private sale of 218,600 tonnes of US corn to Mexico, including 173,800 tonnes for the 2026/27 marketing year, provided some support.