USDA Sales Weigh on Corn Futures as Soybeans Face Followthrough Weakness

Corn futures are around 6 cents lower at midmorning due to optimism about production prospects. The USDA reported daily sales of 120,000 MT to Mexico, with 30,000 MT for delivery during 2026-27 and 90,000 MT during 2027-28. This has led to a third straight session of weakness in corn futures.

The average ethanol content of gasoline sold in the U.S. hit a record 11.29% in May as petroleum prices reached their highest monthly averages of the Iran War, according to Renewable Fuels Association Chief Economist Scott Richman. The ethanol blend rate in U.S. gasoline rose to 10.57% for the 12 months through May, the highest annual share ever.

Soybeans are facing followthrough weakness amid improving weather across much of the Midwest. Milder temps and some periodic showers and thunderstorms in all of the U.S. Midwest are expected over the coming ten days, notes World Weather Inc. Crop stress in the northwest has been reduced, although more soil moisture deficits will remain.