US Corn Futures Rebound on Rising Demand and Improved Weather Outlook

Corn futures have staged a strong rebound after finishing July under pressure, supported by technical buying and expectations that the USDA could further reduce crop condition ratings.

The recent wave of extreme heat across the central United States has raised concerns about yield potential, while forecasts from NOAA indicate additional rainfall for portions of Missouri, Iowa, and northern Illinois later this week.

Export inspections reached 74.2 million bushels during the week ending July 30, a 23% increase from the previous week, with Mexico, South Korea, Colombia, Japan, and Taiwan being the largest buyers.

Cumulative exports for the current marketing year remain more than 25% ahead of last year's pace at 3.042 billion bushels.