Key Takeaways
- Chicago Board of Trade corn futures fell 0.8% to $5.29-1/4 a bushel.
- USDA's supply and demand report due this Friday is expected to influence market sentiment.
- Weather conditions in the US Midwest remain favorable, limiting harvest slowdowns.
Chicago Board of Trade corn futures fell 0.8% to $5.29-1/4 a bushel by 0307 GMT, as traders adjusted positions ahead of the US Department of Agriculture's (USDA) supply and demand report due this Friday.
Soybeans and wheat also experienced a decline, with soybeans falling 0.5% to $13.10-1/4 a bushel and wheat dropping 0.6% to $7.42-3/4 a bushel.
The market is closely watching the USDA's report, which is expected to reflect poor yields in the US corn Belt, keeping a floor on corn futures prices.
According to weather forecasters, the US Midwest will remain warmer and drier in the coming weeks, limiting the risk of harvest slowdowns and frost.
The USDA reported that 5% of the US corn crop had been harvested, with 56% of the crop in good-excellent condition as of last Friday.
Meanwhile, market participants remain concerned about the risks of a prolonged interruption to Russian and Ukrainian grain exports from the Black Sea region.
US peace envoys Jared Kushner and Steve Witkoff met with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy over the weekend, but no breakthrough was achieved in ending the war.
Ukraine, a top grain producer, has almost completed its 2026 wheat harvest, producing 24.91 million metric tons of wheat at an average yield of 4.94 tons per hectare.
China's August soybean imports fell 1.1% from a year earlier to 12.14 million tons, while total imports from January to August increased by 1.1% to 74.11 million tons.
