Corn Futures Slide in Chicago as Traders Await US Harvest Results
CBOT corn futures fell on Wednesday, 16 September, with the December 2026 contract at US$5.34 a bushel, as traders waited for results from the US harvest. In Brazil, B3 closed mixed at R$80.15 a sack for January 2027, while cash trade stalled on producer selling resistance.
Corn futures on the Chicago Board of Trade fell on Wednesday, 16 September, as traders waited for results from the US harvest, Reuters reported from Chicago in a dispatch by Tom Polansek. The market gave back part of the gains made in the previous session: the December 2026 contract traded at US$5.34 a bushel and the March contract at US$5.48, according to Notícias Agrícolas.
The move did not carry over in full to Brazil. Corn futures on B3 spent most of the session in negative territory, tracking the external pressure, but finished mixed, with January 2027 closing at R$80.15 a sack and March at R$81.15, Notícias Agrícolas reported. In the cash market, thin liquidity and farmer reluctance to sell remained the dominant features.
Ethanol grind steady, inventories at a four-month high
Among the fundamentals watched by the US market were the latest weekly ethanol figures from the Energy Information Administration. Production held at 1.099 million barrels a day, unchanged from the previous week and 44,000 barrels a day above the same period last year. Steady output keeps the ethanol sector as a core outlet for US corn.
- Ethanol production: 1.099 million barrels a day, flat week on week, up 44,000 barrels a day year on year.
- Ethanol stocks: 25.22 million barrels, up 33,000 barrels on the week and 2.618 million barrels year on year.
- Ethanol exports: still running above last year’s record pace, according to data released on Wednesday.
The build in inventories is the offsetting factor. At 25.22 million barrels, ethanol stocks are at their highest level since May. Even with consistent corn consumption by the industry, the elevated stock level limits part of the support that the grind would otherwise give prices. Export demand remains the stronger element of the balance: data released on Wednesday showed US ethanol shipments continuing to run ahead of last year’s record pace.
Crude oil sell-off adds pressure
Beyond the ethanol sector, corn was also pressured by the drop in crude oil. Brent futures closed Wednesday down almost 3%, after falling more than 4% during the session, while WTI lost more than 3%, Notícias Agrícolas reported. The decline was attributed to profit-taking after the strong gains of recent sessions. Energy prices feed directly into ethanol economics, and the grain complex in Chicago followed crude lower.
Brazilian cash market stalls on selling resistance
In Brazil, the physical corn market remained defined by low liquidity and producer resistance to expanding sales. According to information from Agrinvest Commodities, some trading hubs are practically at a standstill, with only isolated offers appearing for September delivery.
In Mato Grosso, references in regions such as Lucas do Rio Verde and Sorriso are close to R$51.00 a sack, but the level has not been enough to bring sellers back in volume. Wednesday surveys also put the Mato Grosso spot market near R$49.00 a sack in Lucas do Rio Verde and above R$52.00 in other important producing regions of the state.
Business continues to be concentrated among producers who need to free up storage space, while the rest of the seller base stays on the sidelines. The gap between producer asking prices and buyer bids remains one of the main obstacles to new trades. The result is that pressure from the futures exchanges is meeting resistance in the Brazilian cash market, where reduced willingness to sell is helping to limit sharper declines.
