Corn futures traded below $4.40 per bushel, hovering near the four-week low hit on August 5, as market participants weighed crop conditions and weather patterns ahead of this week’s USDA supply-and-demand report. Recent rainfall and milder temperatures have eased crop stress following several weeks of intense heat and dryness across much of the US Midwest in July. Even so, the USDA estimates that 28% of US corn remains under drought conditions.
On the global front, Ukraine—one of the world’s key corn producers—has cut its 2026/27 grain export forecast by as much as 12% from an earlier estimate, citing ongoing Russian attacks on the southern Odessa port hub. According to Ukraine’s agriculture ministry, the disruptions could create an 11-million-ton shortfall in grain storage capacity. Consultancy APK-Inform also lowered its forecast for Ukraine’s grain exports by 8.6% to 39.4 million tons. Nevertheless, both Ukraine and Russia are harvesting large crops, which may further bolster already ample global supplies.
