Corn Prices Extend Decline as China Trade Talks Loom
Corn prices are experiencing an extended pullback on Wednesday morning, with futures posting losses of 4 ¼ to 6 ¼ cents across most contracts. This follows a similar decline on Tuesday, where corn prices closed within a couple pennies of the low.
Open interest was up just 52 contracts on Tuesday, suggesting a rotation of ownership in the market. The CmdtyView national average Cash Corn price was down 6 1/4 cents at $4.91 ½.
In a development that may influence future corn prices, China's potential to buy US corn ahead of this week's meeting has been mentioned by some analysts. However, any such purchase would likely be seen as goodwill positioning, given the narrowing spread between CBoT and Dalian Corn futures, which is now less than $3/bu.
The Buenos Aires Grain Exchange estimates the 2026/27 Argentina corn crop at 66 MMT, exceeding last year's total of 64 MMT. The Brazilian corn export total for September is expected to reach 5.97 MMT, a 0.23 MMT increase from their previous projection.