Corn Market Sees Buying Support as Wheat Futures Fall on Peace Talks

The corn market saw some buying support from potential lingering rains and flooding in central Iowa that could cause early-harvest delays.

According to the USDA, 1.525 million metric tons of U.S. corn was inspected for export in the week ended Sept. 10, down from 1.675 MMT the previous week and within the 1.25 MMT to 1.775 MMT range found in a Reuters survey of analysts.

The latest weekly Commitments of Traders report showed managed money trimmed back 5,891 corn futures contracts from their previously record net long in futures and options, but the net long remains at a huge 425,171 contracts as of September 8.

Corn traders are awaiting this afternoon's weekly USDA crop progress reports, expected to show the U.S. corn crop in 56% good to excellent condition as of Sunday, which would be unchanged from last week's reading.