Corn Futures Fall on Profit-Taking

Corn futures fell below $5.2 per bushel, easing from a three-year high as traders took profits following the recent rally. Still, concerns over US yields and potential export demand continued to support prices. The latest USDA report showed the corn crop holding at 57% good-to-excellent as of August 30, while recent field assessments pointed to mixed and, in some areas, lower-than-expected yields, raising doubts over the size of this year’s harvest. Meanwhile, Chinese officials are reportedly discussing purchases of US agricultural products, including corn, ahead of a potential Trump-Xi meeting. Global supply concerns also persist, with the EU forecasting its 2026 maize harvest at nearly a 20-year low, while disruptions to Black Sea grain shipments remain a risk to exports. Ahead of the USDA’s weekly export sales report, traders expect US old-crop corn sales of up to 200,000 metric tons and new-crop sales of as much as 1.6 million tons, keeping attention on overseas demand.

Corn futures traded above $5.1 per bushel, near their highest since July 2023 as mounting concerns over US crop prospects and tightening global supplies continued to support prices. Recent estimates suggest substantial uncertainty around the 2026 harvest, with weather conditions and upcoming crop results likely to determine whether the rally can continue. The USDA cut its 2026 US corn yield forecast by 2.3 bushels per acre to 180.7, while the Pro Farmer Crop Tour found that extreme July heat and excessive rainfall had damaged crops across parts of the Corn Belt. Rising disease pressure following heavy August rainfall has further clouded the outlook. The USDA also raised its US corn export forecast by 75 million bushels to 3.3 billion, reflecting stronger global demand. Meanwhile, prolonged heat and drought have weakened European corn production, with French crop conditions falling to just 28% good-to-excellent, while constrained Ukrainian exports are adding pressure to global supplies.

Corn futures held above $5.1 per bushel, staying near their highest level since July 2023 as mounting crop concerns and weather risks supported prices. Extreme heat and heavy rainfall have hit major Chinese corn-growing regions, threatening yields and quality. China imported 1.36 million tons of corn from January–July, up 61.3% year-on-year, which could increase import demand if weather damage worsens. Meanwhile, concerns over the US crop are adding further support, with the USDA’s latest report showing the share of corn rated good-to-excellent falling three percentage points to 57% for the week ended August 23. Strong export demand is also underpinning prices, with cumulative shipments up 26% from a year earlier despite a recent easing in weekly shipments to 1.3 million tones. USDA reported a recent sale of 286,097 tons of US corn to Mexico, including 29,808 tons for 2026/27 delivery and 256,289 tons for 2027/28.