Corn Prices Plummet Amid Bearish Weather in the Corn Belt
The corn futures market saw significant selling pressure as weather in the Corn Belt leans price-bearish. December corn fell 5 1/2 cents to $4.60, nearing a three-week low. Technical selling was featured as prices are in a near-term downtrend. Some brokerages and analytical firms have started releasing their corn yield/production estimates for this year, which are higher than the USDA's forecast.
The USDA reported daily U.S. corn sales of 120,000 MT to Mexico, with 30,000 MT for delivery during 2026-27 and 90,000 MT during 2027-28. Traders are anticipating Thursday morning's weekly export sales report, which is expected to show U.S. corn sales of 900,000 to 1.5 million MT in all marketing years.
World Weather Inc. noted that milder temperatures and periodic showers and thunderstorms in the Midwest over the next 10 days will be welcome. However, soil moisture deficits will remain, particularly in the northwest region, which needs close monitoring for dryness and crop stress later in August when warming returns.