Corn futures are trading at their lowest levels in 14 years after solid output volumes supported domestic inventories. When this has been coupled with slumping demand for US grains, traders will have a recipe for crashing prices. But will corn be able to find a bottom and try to muster up some gains?

September corn futures tumbled $0.0425, or 1.09%, to $3.8675 per bushel at 18:12 GMT on Monday on the Chicago Board of Trade (CBoT). Corn prices plunged 3% last week and are down 18% year-to-date. Over the last 12 months, corn has declined 22%.

This summer, Midwest farmers have experienced a strong harvest, buoyed by high volumes of rain and mild temperatures. These conditions bolstered crops and raised output. According to new industry data, US farmers are on track to produce 15 billion bushels of corn this year.

Solid production levels have occurred while domestic and foreign demand for corn has slowed. Moreover, outstanding export sales of corn have trailed the average of the last several years.

It is not only corn that is experiencing comparable trends.

Soybeans have also benefited from the current climate, with US farmers producing a record 4.7 billion bushels of soybeans in 2024. Moreover, soybean delivery in the new marketing year is seen trailing the industry average.

September soybean futures rose $0.085, or 0.87%, to $5.255 a bushel on Monday.

In other agricultural commodities, September wheat futures slipped $0.0275, or 0.52%, to $5.2525 a bushel. September cocoa futures were little changed at $8,029.00 per metric ton. September orange juice futures were also flat at $4.8775 a pound.