Corn Prices Plummet on Larger-Than-Expected Stocks Report
Corn futures plummeted on Wednesday following the USDA's quarterly stocks report, which revealed larger-than-expected corn stocks. The report showed that September 1 stocks of corn stood at 2.095 billion bushels, exceeding last year's figure by 544 million bushels and surpassing the estimated US corn ending stocks for 2025/26 by 357 million bushels.
The CmdtyView national average Cash Corn price dropped by 20 3/4 cents to $4.58, while front months fell between 18 ¼ and 21 ¼ cents. The USDA's report was well above market expectations, leading to a sharp decline in corn futures prices.
EIA data showed that ethanol production decreased seasonally by 21,000 barrels per day to 1.0007 million barrels per day. Ethanol stocks also experienced a drawdown of 818,000 barrels to 23.865 million barrels.