Corn futures reach four-month low on US crop and export concerns
Soybean and wheat futures also declined as traders monitor large US harvests and upcoming peace talks between Russia and Ukraine.
Corn futures on the Chicago Board of Trade (CBOT) fell to a four-month low on Tuesday, according to a report by Mint. The decline comes amid expectations of large US crops and concerns regarding export demand.
The US Department of Agriculture (USDA) stated that 315,000 metric tons of US corn were sold to Mexico and 136,000 metric tons to South Korea for delivery in 2026/27. This follows Monday's confirmation of 1.7 million metric tons sold to Mexico, which included 1.1 million tons for 2026/27 delivery.
Rich Nelson, chief strategist at Allendale, said demand is lagging behind the pace seen last year. He noted that there is still significant ground to make up due to a disappointing export pace.
Soybean futures also hit a 2-1/2-month low, dropping 4 cents to $12.12-3/4 a bushel. Nelson said traders are nervous about demand for US soybeans from countries other than China due to competition from Brazil.
The USDA reported that 134,000 metric tons of US soybeans were sold to unknown buyers for 2026/27 delivery. The agency estimates the US has produced its largest soybean crop ever, with harvesting 88 per cent complete as of Sunday.
Wheat futures fell 7-1/2 cents to $5.99 a bushel as traders watched for peace talks between Russia and Ukraine in Abu Dhabi on November 10-11. Andrew Whitelaw of Episode 3 said that if hostilities end, pent-up supplies of grain could pressure the market further.
