Corn Market Sees Minor Gains Amid Bearish Report and Strong Dollar

The corn market saw minor gains at the end of the session, reversing earlier losses. December corn rose 1.5 cents to $5.02 1/4, but still hit a five-week low early on.

However, the USDA's quarterly grain stocks report released on Wednesday had a bearish impact on the market, leading to selling pressure and weak long liquidation. The U.S. dollar index also rallied to a 1.5-year high, limiting the upside for corn.

In other news, China reiterated its plans to expand domestic grain capacity by 2030, targeting 725 million tons to ensure supply security against global volatility and growing domestic demand. Agriculture and Rural Affairs Minister Zhang Zhu emphasized the importance of maintaining food security, stating that 'the string of food security must always be kept taut.'

Regarding weather conditions, World Weather Inc. reported additional waves of rain coming to the western U.S. Corn Belt over the weekend, further delaying fieldwork.