Corn Prices Plummet Amid Pre-US-China Meeting Jitters
Corn futures took a hit on Wednesday, declining by as much as 2 ¾ to 7 ¾ cents across various contracts. The front months led the decline, with traders reportedly taking some risk off ahead of the upcoming meeting between US and Chinese leaders.
The USDA announced a private export sale of 100,000 MT of 2026/27 corn to Mexico earlier in the day, but this news did little to stem the losses. The market is bracing for Thursday's Export Sales data release, which is expected to show 0.8-1.4 MMT of 2026/27 corn bookings in the week of 9/17.
EIA data from earlier in the week showed a seasonal decline in ethanol production, down by 71,000 bpd to 1.028 million barrels per day. Ethanol stocks also took a hit, drawing down by 537,000 barrels to 25.683 million barrels.