Corn Facing Extended Pullback on Wednesday Morning

Corn prices are down 4 to 5 1/2 cents so far on Wednesday. Futures posted losses of 4 ¼ to 6 ¼ cents across most contracts on Tuesday, closing within a couple pennies of the low. Open interest was up just 52 contracts on Tuesday, suggesting a rotation of ownership. The CmdtyView national average Cash Corn price was down 6 1/4 cents at $4.91 1/2. While some have been looking for China to buy US corn ahead of this week’s meeting, it would be in part as good will positioning, as the spread between the two counties (CBoT vs. Dalian Corn futures) has been narrowed by nearly $2 since June to less than $3/bu.

Harvest may be slow in the west this week with MN, IA, the Dakotas, NE, KS and parts of MO expected to see anywhere from 1 to 4 inches. the heaviest totals near northeast NE, northwest IA and Southeast SD.

The Buenos Aires Grain Exchange estimates the 2026/27 Argentina corn crop 66 MMT, which would be above the 64 MMT from last year. The crop was reported at 11.1% planted. 

ANEC estimates the Brazilian corn export total for September at 5.97 MMT, a 0.23 MMT increase from their previous projection. While that would be a 28.25% increase from August, is would be a 21.06% drop from a year ago.

Coceral estimates the EU and UK corn crop at 48.6 MMT for 2026, a drop of 4.1 MMT from their previous number.

Dec 26 Corn  closed at $5.36 3/4, down 6 1/4 cents, currently down 5 1/2 cents

Nearby Cash  was $4.91 1/2, down 6 1/4 cents,

Mar 27 Corn  closed at $5.51, down 5 3/4 cents, currently down 5 cents

May 27 Corn  closed at $5.57 3/4, down 5 1/4 cents, currently down 4 1/4 cents

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