Corn Prices Plummet as USDA Reports Record Stockpiles

Corn futures plummeted at midday on Wednesday as the USDA's quarterly stocks report revealed larger-than-expected stockpiles. Contracts fell by 18 to 20 cents, with the CmdtyView national average Cash Corn price dropping to $4.59 1/2.

The USDA reported September 1 corn stocks of 2.095 billion bushels, significantly higher than last year's 1.551 bbu and above estimates for US corn ending stocks in 2025/26 by 173 mbu. The report also showed a larger-than-expected increase in Brazilian corn exports in September, totaling 5.4 MMT, down 0.57 MMT from the previous number.

EIA data released earlier this morning revealed a seasonal decline in ethanol production, dropping to 1.0007 million barrels per day, and a corresponding drawdown in ethanol stocks.