US Corn Futures Plunge 3% on Higher Inventory Report

US corn futures fell 3% on Thursday after the USDA released its Quarterly Grain Stocks report, which revealed higher-than-expected corn inventories as of September 1. The average trade estimate for corn stocks was at 1.918 billion bushels, but the actual figure came in above that level.

The USDA's Crop Progress report showed only 18% of corn had been harvested by September 1, which is on par with last year's pace. However, both crops were behind trade expectations, providing some initial support before prices began to slide.

China's decision to leave soybeans out of its recently announced tariff cuts added uncertainty to the demand outlook for US corn futures. While corn and wheat received some relief from tariffs, soybeans still carry an extra duty.