Bearish
Corn futures drop below $4.80 amid USDA's larger harvest and higher stockpile projections.
Corn futures have declined below $4.80 per bushel following the USDA's October report, which projected a larger U.S. harvest and increased ending stocks for the 2026/27 season. The USDA raised its yield estimate to 181.2 bushels per acre, lifting production to approximately 16.03 billion bushels, and increased ending stocks to 1.849 billion bushels. Despite a 25 million bushel increase in the export forecast to 3.3 billion bushels, the production boost outweighed the demand revision, leading to a bearish market sentiment.
Key points
- USDA's October report projects larger U.S. corn harvest and higher ending stocks.
- USDA raises export forecast by 25 million bushels to 3.3 billion.
- US corn harvesting 23% complete as of October 4, below five-year average of 27%.
- Rain expected in Plains and Midwest during October 12–16, potentially delaying fieldwork.
Sources
AI-generated from public news sources. Not financial advice.
