USDA Report Looms as Corn Prices Hang Near Key Support Levels

Corn prices are stuck near key support levels ahead of this week's USDA Supply/Demand report, while soybean and wheat markets show mixed signals.

According to the latest crop progress report from the US Department of Agriculture (USDA), corn with good or excellent condition held steady at 61% for the week ending June 26. This is in line with trade estimates but does not provide any surprises, as the USDA's neutral print indicates no major changes in the market.

The weekly export inspections report shows that corn exports are up 25% from last year's pace, leading analysts to expect an increase to the corn export demand forecast ahead of Wednesday's Supply/Demand report. However, soybean inspections are down 18% from last year's pace and close to the USDA's expectation for a 20% decline.

The wheat market has seen some volatility, with prices surging nearly 20 cents in early morning hours due to reduced export capabilities in Russia and Ukraine and ongoing port attacks. However, prices have since erased overnight gains and ended near unchanged.