Corn prices slipped to their lowest level since July 1 ahead of a US Department of Agriculture supply and demand outlook. Futures in Chicago fell as much as 0.8% to $4.38 per bushel, trimming losses as traders positioned ahead of Tuesday's report. Analysts expect the USDA to show larger global corn stockpiles, particularly in South America, offsetting estimates for slightly lower US production.
The USDA has recently surprised markets with estimates of more-than-expected American supplies. Investment funds have shifted to net short positions in corn due to seasonal autumn harvest pressure. Other crop markets remained relatively flat, with soybeans erasing earlier gains amid expectations of a record US harvest.
Analysts also expect the USDA to show the corn harvest 84% complete and soybeans 94% done. The agency is modernizing its data processes, including using AI and collaborating with NASA to strengthen data quality.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing