Corn futures slip in Chicago and Brazil on higher USDA stocks and falling oil

On Friday, corn futures on the Chicago Board of Trade opened in negative territory. The July 2026 contract fell to US$4.11, down 0.50, with September, December and March contracts also posting declines of 1.25‑1.50 points. The move followed the USDA’s latest WASDE report, which nudged U.S. corn‑stock projections for the 2026‑27 marketing year up to 1.96 billion bushels, slightly above the previous estimate.

International oil prices also dropped, with West Texas Intermediate down 3.9% and Brent crude down 3.7%, weakening demand for corn‑based ethanol and adding to the bearish price pressure. The USDA report raised production outlooks for several South‑American exporters, reinforcing the view of ample global supply.

In Brazil, the B3 corn‑future market mirrored the external decline. The July 2026 contract traded at R$64.25, down 0.37, with other front‑month contracts similarly lower. Analysts cited higher production estimates from the USDA and Brazil’s CONAB, as well as a weaker domestic dollar, as drivers of the price drop.

Physical corn markets in Brazil remained thin, with limited liquidity and regional price spreads reflecting cautious buying amid abundant supply forecasts.