Corn prices have experienced a decline of 2 to 3 ¼ cents as of Wednesday morning. On Tuesday, futures dropped by 6 to 7 cents across most contracts. This downturn followed the USDA’s quarterly Grain Stocks report, which revealed a surplus of a couple hundred million bushels more than the market had anticipated. Additionally, preliminary open interest increased by 11,836 contracts on Tuesday, indicating a rise in new selling interest. The CmdtyView national average Cash Corn price fell by 6 cents, settling at $3.72 ¼.
The Grain Stocks report released on Tuesday indicated that corn stocks as of September 1, both on and off the farm, totaled 1.532 billion bushels (bbu). This figure significantly exceeded the average trade estimate of 1.336 bbu and the September WASDE estimate for ending stocks, although it remains 231 million bushels below last year’s levels. Minimal revisions were made to the June stocks data, with production for 2024/25 increasing by 25 million bushels.
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Condition ratings from Monday’s Crop Progress report showed improvements in several states. Illinois saw a 1-point increase on the Brugler500 index, while Indiana improved by 2 points, North Dakota by 4 points, Ohio by 7 points, and Michigan by 8 points. However, some states experienced deterioration: Nebraska dropped by 6 points, South Dakota by 4, Iowa by 3, and Minnesota by 1 point.
Despite the government shutdown overnight, the EIA is expected to release its Weekly Petroleum Status report later this morning, as indicated on their website.
The Buenos Aires Grain Exchange has estimated the 2025/26 Argentina corn crop at 58 million metric tons (MMT), a significant increase from last year’s 49 MMT. Meanwhile, ANEC has projected Brazilian corn exports for September at 7.27 MMT, reflecting a decrease of 0.34 MMT from last week’s estimate.
Dec 25 Corn closed at $4.15 1/2, down 6 cents, and is currently down 2 1/2 cents.
Nearby Cash was reported at $3.72 1/4, down 6 cents.
Mar 26 Corn closed at $4.32, down 6 1/2 cents, and is currently down 3 1/4 cents.
May 26 Corn closed at $4.41 3/4, down 6 cents, and is currently down 3 1/4 cents.
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes.
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