Corn Futures Slip Before U.S. Holiday – Global Supply Outlook Caps Gains

Corn Futures Slip Before U.S. Holiday – Global Supply Outlook Caps Gains

After several days of strong gains, CBOT corn futures eased on Friday amid renewed trade tensions and long weekend caution. Despite the dip, the weekly trend remained positive.

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📈 Price Overview

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🔍 Key Factors

• 🇺🇸 Trump tariff threats against the EU raised caution ahead of Memorial Day

• 🛑 Profit-taking following strong gains earlier in the week

• 🌍 IGC raised global corn production forecast for 2025/26 to 1.277 Bn tons

• 🧮 Ending stocks also revised up to 284 Mt (+9 Mt YoY)

• 🇫🇷 FranceAgriMer:

  • 87% of French corn rated good/excellent (−1 pp WoW)

  • 95% planted as of May 20

• 🇺🇸 US Corn Belt rainfall delays planting but improves yield potential

• 📊 CFTC (May 20):

  • Funds expanded net short to −103,210 contracts

• 📦 USDA Weekly Export Sales (May 15):

  • Old crop: 1.19 Mt (▼ −29% WoW, ▲ +31% YoY)

  • New crop: 218,371 t – led by Colombia & Costa Rica

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💡 Market Strategy

• 📈 Weekly gain of +4.4% in CBOT July contract remains intact

• 🟠 Risk of correction remains elevated if supply sentiment strengthens

• 🔎 Watch Tuesday’s USDA planting update (delayed due to Memorial Day)

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🔮 3-Day Price Forecast