CBOT Corn Futures Surge on Revised USDA Estimates

Corn futures at the Chicago Board of Trade (CBOT) rose sharply on Wednesday in response to updated supply/demand estimates from the United States Department of Agriculture (USDA).

The USDA cut its yield forecast for the 2026-27 corn crop to 180.7 bushels per acre, but a 1.39-million-acre increase in planted area meant total production was revised higher by 13 million bushels.

This would make the 2026-27 U.S. corn crop the second largest on record, at 16.013 billion bushels. Corn ending stocks for both the 2025-26 and 2026-27 marketing years were estimated to be below average trade estimates, at 1.945 billion and 1.653 billion bushels respectively.

Soybean futures also rose on spillover support from corn's rally, with U.S. soybean yields coming in below trade estimates. The USDA cut its soybean yield forecast to 52.7 bu./ac. from 53.0 bu./ac. in July.