Corn Prices Slip Lower Ahead of USDA Report

Corn prices slipped lower on Tuesday as traders positioned themselves ahead of the USDA's Grain Stocks report, due out on Wednesday. The market has been closely watching the progress of the US corn crop, with 72% now listed as mature and harvest at an average pace of 18%. Condition ratings remained steady this week, with 57% in good to excellent condition.

The recent NOAA QPF forecast shows heavy rains are expected across the central and western corn belt over the next few days. Brazilian corn exports for September are projected to total 5.4 MMT, down from 6.0 MMT in the previous month. Traders surveyed by Bloomberg expect US corn stocks as of September 1 to be around 1.911 billion bushels, significantly higher than last year's level but slightly lower than the USDA's WASDE estimate for 2025/26.