Corn Prices Plummet as USDA Report Exposes Surplus
The United States Department of Agriculture's (USDA) recent report on grain stocks has sent shockwaves through the global corn market. The data, released on September 1, 2026, revealed that US corn stocks had increased by 35% compared to last year, reaching 53.2 million tons.
This surge in inventories was higher than average market expectations and the USDA's August estimate by 4.3 million tons. As a result, December corn futures in Chicago plummeted by 4.4% to $196.8/t on September 28, marking a 9% decline from last month and an 8.5% increase from the same period last year.
The decline in Chicago prices has also put pressure on the European market. November corn futures in Paris fell by 0.8% yesterday, with prices over the past seven days losing 3.8% to €264.25/t or $300/t, up 2.1% for the month and 33% year-over-year.
In Ukraine, corn exports have increased significantly, with 282 thousand tons shipped in September compared to just 40 thousand tons last year. However, Ukraine's domestic prices are under pressure due to its own higher-than-expected stock levels of 2.8 million tons as of September 1, 2026.