FX.co ★ Corn Holds Rally Near 3-Month Peak

Corn futures extended their rally above $4.60 per bushel, hovering near a 13-week high, as traders digested fresh assessments from the Pro Farmer Crop Tour alongside strong export demand. Early field observations highlighted drought-related damage in South Dakota and uneven crop maturity in Ohio, stoking worries that realized yields may fall short of the USDA’s latest projection of 180.7 bushels per acre.

According to the USDA’s Crop Progress report, 76% of the US corn crop had reached the dough stage by August 16, with 29% dented and 4% already mature. However, the share of the crop rated good-to-excellent slipped to 60%, down from 61% the previous week.

On the demand side, weekly US corn export inspections surged 81.7% year-on-year to 1.91 million tonnes, with Mexico, Japan, and Colombia among the leading buyers. Cumulative shipments climbed to 80.95 million tonnes, 26.1% higher than in the same period a year earlier, underscoring robust international demand. Additional support for prices came from Brazil, where the second-crop harvest was only 85% complete, lagging the 94% average pace.