Corn prices dropped to their lowest level since July 1, ahead of the US Department of Agriculture’s monthly supply and demand report. The market anticipates the USDA will indicate higher global corn supplies, putting downward pressure on prices.
In Chicago, corn futures fell as much as 0.8% to $4.38 per bushel before recovering slightly as traders adjusted their positions in anticipation of Tuesday’s USDA report.
The decline reflects expectations of increased corn availability worldwide, which typically leads to lower prices due to greater supply.