Fading Trade Hopes Weigh on Corn, Soybean Futures

Corn futures are down by as much as 8 cents, affected by spillover pressure from soybeans and wheat. President Donald Trump mentioned a possible ban on diesel exports, saying 'We're thinking about it very seriously,' which could lead to higher gasoline prices. USDA reported corn export inspections totaled 1.566 MMT during the week ended Sept. 24, down 394,223 MT from the previous week.

Soybeans are notably lower due to disappointing trade talks last week, although meal futures are leading the complex lower. China is set to cut tariffs on U.S. agricultural goods, excluding soybeans. USDA reported weekly soybean export inspections totaled 1.153 MMT during the week ended Sept. 24, up 383,215 MT from the previous week.

Wheat futures are facing technical selling despite continued attacks in the Black Sea region. Russia's September exports of wheat, barley and corn are estimated at 2.65 MMT, according to Sovecon, up from 2.4 MMT in August.