Corn Stalls at Record Highs Amid Soybean Pressure and Mexico Trade Woes

Corn futures are holding onto gains as export demand supports prices, despite hitting fresh highs. The US Department of Agriculture reported daily sales of 205,000 MT of corn to unknown destinations during the 2026-27 marketing year.

Iowa and Minnesota crop yields are showing mixed results, with Iowa's average potential yield down from last year but up from its three-year average. In contrast, Minnesota's yield is also lower than in 2025 but higher than its long-term average.

Soybeans, on the other hand, are under pressure despite strong export sales to China and unknown destinations. The USDA reported daily sales of 712,000 MT of soybeans to China and 720,000 MT to unknown destinations during the 2026-27 marketing year.

The detection of New World Screwworm in Mexico's Sonora state threatens to complicate plans for reopening the US-Mexico border to Mexican cattle imports. This could impact October live cattle futures, which are already testing 10-month lows.