Overview
- Corn futures fell about 5.4% to roughly $166 per ton in Chicago, with soybeans near $380 and wheat around $188 after the surprise USDA report.
- The USDA pointed to larger planting, higher yields and record U.S. inventories while trimming the export sales outlook, reinforcing a bearish market tone.
- Analysts reported substantial unsold Mexican grain stocks weighing on prices, including 100–120k tons in Sinaloa, 600–700k tons in the Bajío and about 1 million tons in Chihuahua.
- Peso appreciation further reduces local revenues from dollar‑priced crops in Mexico, worsening the hit from lower international prices, according to GCMA.
- China’s Sinograin purchased at least 10 U.S. soybean cargoes and plans to auction 1.1 million tons to manage space, supporting near‑term flows but not offsetting weaker overall export prospects.