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Corn Prices Dip as Crude Oil Falls Sharply
31 May
Summary
- Corn futures experienced losses on Friday due to declining crude oil prices.
- USDA export sales data for 2025/26 corn fell short of trade expectations.
- Argentina's corn crop harvest is underway, with 34.7% complete.
Corn futures experienced notable losses on Friday, with midday trading showing declines of 7 to 9 cents per bushel. This downturn was primarily influenced by a sharp drop in crude oil prices, which fell by $2.08 per barrel. Market participants moved capital out of commodities ahead of the weekend, with attention also on potential US-Iran agreements.
The latest USDA Export Sales data for the 2025/26 corn marketing year revealed sales of 1.015 million metric tons for the week ending May 21. While this figure was below trade estimates, it represented a year-over-year increase of 10.8%. New crop sales were robust, reaching a marketing year high of 618,594 MT, contributing to accumulated new crop business now standing at 2.953 million MT.
In other market news, the Buenos Aires Grains Exchange provided an update on Argentina's corn crop, indicating that 34.7% had been harvested. This suggests ongoing agricultural activity in a key global corn-producing region.
