Corn Hits 3-Week Low
Corn futures fell around $5.2 per bushel, reaching a three-week low as broad selling across grain markets intensified following a sharp decline in soybeans. Soybeans came under pressure after China excluded them from proposed tariff reductions on US agricultural products, prompting traders to liquidate positions and weighing on corn through spillover selling. Corn itself was included in China’s proposed tariff cuts, along with other US agricultural products, but the agreement provided no fresh US corn purchase commitments. US corn export inspections totaled 1.57 million metric tons in the week ended September 24, down from 1.96 million tons a week earlier but near the upper end of market expectations. Meanwhile, the US harvest reached 18% completion as of September 27, slightly ahead of the five-year average, while 56% of the crop was rated good or excellent. Traders now await the USDA’s September 30 Grain Stocks report, which could bring fresh estimates on domestic supplies.
2 per bushel, reaching a three-week low as broad selling across grain markets intensified following a sharp decline in soybeans. Soybeans came under pressure after China excluded them from proposed tariff reductions on US agricultural products, prompting traders to liquidate positions and weighing on corn through spillover selling. Corn itself was included in China’s proposed tariff cuts, along with other US agricultural products, but the agreement provided no fresh US corn purchase commitments. 96 million tons a week earlier but near the upper end of market expectations.
Meanwhile, the US harvest reached 18% completion as of September 27, slightly ahead of the five-year average, while 56% of the crop was rated good or excellent. Traders now await the USDA’s September 30 Grain Stocks report, which could bring fresh estimates on domestic supplies.