Global Corn Market Pauses Ahead of USDA's WASDE Report

The global corn market remains uncertain ahead of the USDA's August WASDE report on August 12. Market participants expect the agency to lower its US corn production forecast for the MY 2026/27, as well as its estimates for US and global ending stocks.

Physical market activity is limited due to this uncertainty, while Chicago corn futures are trading without a clear direction. September corn futures in Chicago slipped 0.17% to $4.38 per bushel, while December futures declined 0.05% to $4.61 per bushel at the close on August 10.

The market ignored support from higher crude oil prices as traders were reluctant to take new positions ahead of the WASDE report. Analysts expect the USDA to raise its 2025/26 corn production estimates for Argentina and Brazil.