USDA Cuts Corn Supply Estimates Amid Strong Exports
Corn futures surged on Wednesday after the USDA released its latest report forecasting reduced supply and robust corn exports. The U.S. Department of Agriculture projected that U.S. stocks at the end of the 2026/27 season will fall to 1.653 billion bushels, down from its July estimate of 1.790 billion bushels.
The revised forecast reflects stronger corn exports and a smaller supply to start the season. The USDA also reported that U.S. farmers will harvest their second-largest corn crop on record this autumn, with lower yields caused by adverse summer weather being more than offset by larger plantings.
Wheat futures gained strength after Ukraine attacked grain terminals in the Russian wheat export port of Novorossiysk, raising concerns about potential supply disruptions to world markets. The most active CBOT corn contract rose 18-1/4 cents to $4.78 per bushel as of 12:30 p.m. CT.