US Grain Markets Plunge as Harvest Pressure Builds Across Midwest
The US grain markets took a hit on October 2, 2026, as November soybean futures plummeted to their lowest level in roughly five weeks. December corn traded near $4.99 per bushel, extending its weakness after the USDA's Grain Stocks report estimated Sept. 1 U.S. corn inventories at 2.095 billion bushels, a 35% increase from last year and the highest since the 2018-19 season.
The decline in soybean futures comes despite strengthened export demand, which saw weekly US soybean sales of 1.034 million metric tons, up 78% from the previous week, with China accounting for 589,400 metric tons. Total 2026-27 soybean sales commitments have reached 817 million bushels, nearly double year-earlier levels.
The pressure on grain markets is expected to continue as drier weather across much of the Midwest accelerates harvest activity, bringing new supplies into the pipeline. The market will now turn to USDA's October Crop Production report and WASDE update, scheduled for Oct. 9, for updated yield, production, supply, and demand estimates.