USDA Reports Loom: Corn and Soybeans Tumble Amid Risk-Off Trade
Corn futures are mostly 3 cents lower at midmorning amid general risk-off trade ahead of this week's USDA reports. The corn crop is rated 61% good to excellent, unchanged from last week, while the Pro Farmer Crop Condition Index declined by 2.28 points to 358.39.
The decline in the index lags year ago by 24.52 points during the same period. President Trump's hardened stance toward Iran has added to market uncertainty, with September corn futures facing support at $4.33 ¼ and resistance at $4.53 ¾.
Soybeans are also under pressure, down 11-12 cents, while meal is around 30 cents lower. The soybean crop is rated 62% good to excellent, down one percentage point from last week.
Russian wheat exports in August could fall to their lowest in around a decade due to low prices and security risks on Black Sea shipping routes.