Corn futures fall amid high stocks

Chicago corn futures tumbled for a fourth day in a row on Thursday, driven by a surge in US stockpiles. The price dropped 0.05% to $5-1/2 a bushel by 02:45 GMT. The contract traded within a narrow band between $5 and $5.03 a bushel.

As of September 1, US farmers and grain handlers held 35% more corn in storage compared to the same period last year, according to the US Department of Agriculture. This marked a larger-than-anticipated rise, following a robust harvest in 2025.

The spot basis bids for corn weakened in the US Midwest on Wednesday, as favorable weather forecasts suggested improved harvest progress and increased grain movement. Meanwhile, hard red winter wheat basis bids remained stable to slightly weaker in the southern US Plains. Wheat prices also slipped 0.15% to $6.74-3/4 a bushel, marking a second day of decline.

Grain consultancy Sovecon revised its forecast for Russia's 2026/27 grain exports downward to 44.7 million metric tons, from the previously anticipated 49.4 million tons. This adjustment warned that the Azov and Black Sea ports would remain closed until 2027. The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.29% to $12.89-1/4 a bushel.

Analysts predicted a drop in US soybean crush in August to an 11-month low of 6.317 million short tons, or 210.5 million bushels, prior to a scheduled USDA report on Thursday. Spot basis bids for soybeans were mixed in the US Midwest, with harvest delays continuing to hinder grain flow in certain areas, while other locations reduced posted bids in anticipation of higher supplies in October.