Dollar Strength Weighs on Grains as EU Corn Output Forecast Cut

Corn futures are mostly down 6-7 cents due to the strengthening US dollar, which is putting pressure on prices. The USDA reported daily sales of 100,000 MT to Mexico for the 2026-27 season. In contrast, soybeans and meal are unchanged while soyoil is around 65 points lower. Fading meal futures are inviting sellers.

The European Union's corn output forecast has been cut sharply by Coceral to 48.6 MMT from 52.7 MMT in July. The December corn futures are testing support at the 20- and 10-day moving averages, while additional support lies at $5.24 1/4. Resistance continues to stem from the Sept. 2 high of $5.49 3/4.

The US dollar's firming is also affecting wheat futures, which are mostly down 7-13 cents. Despite lingering global supply constraints, winter wheat futures have marked a for-the-move low. Top wheat importers in Asia, the Middle East, and Africa are struggling to secure supplies due to attacks on vessels and port infrastructure.