Corn Gains Ground as Crop Conditions Deteriorate

Corn futures are gaining ground due to deteriorating crop conditions in the US. The USDA reported that the corn crop's good-to-excellent rating declined by three percentage points, from 60% to 57%. This drop was reflected in the Pro Farmer Crop Condition Index (CCI), which fell 2.52 points to 353.20.

The planting of corn in Brazil has started, albeit slowly, with only 2% of the first crop planted by late last week, compared to 3.2% at this time last year. Argentina has yet to begin planting corn. December corn futures are trading within Monday's range, with resistance at $5.24 ¼ and initial support at $5.09.

Soybeans, on the other hand, are correcting higher in tandem with soyoil, which is up by around 40 points. The USDA reported daily sales of 132,000 MT of soybeans to unknown destinations in 2026-27. November soybeans face support at $12.15 ¾ and resistance at $12.36 ¼.