Corn Futures Edge Higher After Weather-Driven Selloff

Key Moments

Futures Stabilize Following Monday Selloff

Corn futures were trading slightly higher on Tuesday morning, with prices posting only fractional gains after a broad-based decline in the prior session. On Monday, contracts fell between 2 1/2 and 13 1/2 cents, with the most pressure seen in the front months.

Open interest dropped by 14,035 contracts, driven largely by reductions in the September and December positions. The pullback coincided with an improved weather outlook and a $7.40 decline in crude oil, which weighed on the corn market.

The CmdtyView national average Cash Corn price moved lower as well, ending Monday down 12 1/2 cents at $4.21 1/4.

Crop Progress and Condition Ratings

According to Monday’s Crop Progress report, 78% of the U.S. corn crop was silking as of July 26, putting the pace 4 percentage points ahead of the 5-year average. Additionally, 25% of the crop had reached the dough stage.

Condition scores weakened, with 63% of the crop rated in good to excellent condition, a 4% decline from the prior reading. The Brugler500 index also softened, dropping 11 points to 361.

Export Shipments and Marketing Year Performance

USDA’s Federal Grain Inspection Service (FGIS) reported corn export inspections of 1.488 MMT (58.58 mbu) for the week ending July 23. This volume was 7.74% below the previous week and 2.88% under the same week a year earlier.

Mexico was the leading destination with 454,201 MT, followed by Japan with 252,204 MT and Colombia with 236,112 MT. Cumulative marketing year exports for 2025/26 reached 75.324 MMT (2.965 bbu), standing 24.81% above the corresponding period last year.

Weather Outlook for Key Growing Regions

The NOAA 7-day Quantitative Precipitation Forecast (QPF) indicated expectations for 1 to 2 inches of rainfall across much of Iowa, Missouri, and Illinois over the coming week. Similar totals of 1 to 2 inches were projected for eastern South Dakota and Nebraska, as well as southern Minnesota.

Ohio and Indiana were forecast to receive lighter precipitation totals compared to those western and central Corn Belt areas.

Corn Market Snapshot

Disclosure

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 is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.