Commodities
USDA Downgrades Global Corn Forecast Amid Crop Yield Worries
The United States Department of Agriculture (USDA) has released its latest report on global corn production, lowering the forecast for the 2026/27 crop year to 1.291 billion tonnes from a previous estimate of 1.299 billion tonnes.
The reduction in global ending stocks was even more pronounced, down by 2.6 million tonnes to 272.1 million tonnes.
In the US, the corn crop forecast was also lowered to 401.33 million tonnes from a previous estimate of 406.75 million tonnes, while exports remained steady at 83.19 million tonnes.
The USDA raised the average season price for American farmers by $0.30 to $4.80 per bushel.