US Corn Futures Plunge Amid Higher Than Expected Inventories

The US Corn futures market experienced a sharp sell-off on the day the USDA released its Quarterly Grain Stocks report. The report revealed corn inventories as of September 1 to be above what the market had priced in, with an average trade estimate sitting at 1.918 billion bushels for corn.

This figure exceeded expectations, signaling ample supply and triggering a sell-off that pushed December corn futures from their opening level near 522 down to a session low of 503.38.

The USDA's Crop Progress report showed corn only 18% harvested as of the reporting date, matching last year's pace but behind trade expectations.