USDA Report Sends Corn Futures Plummeting Amid Larger-Than-Expected Stocks

Corn futures plummeted on Wednesday after the USDA released its quarterly stocks report, which revealed larger-than-expected corn stocks. The report showed September 1 stocks of corn at 2.095 billion bushels, surpassing last year's 1.551 bbu by 544 mbu and exceeding the WASDE estimate for 2025/26 US corn ending stocks by 369 mbu.

The USDA's quarterly Grain Stocks report also showed a significant increase in corn stocks compared to previous years, with this year's September 1 stocks being 184 mbu above estimates. As a result, corn futures took a hit, with front months down 18 ¼ to 21 ¼ cents and 2027 crop contracts steady to 9 ¼ cents lower.

The CmdtyView national average Cash Corn price also dropped by 20 3/4 cents to $4.58. Ethanol production, which had been expected to rise, actually decreased in the week of September 25, falling by 21,000 bpd from last week's level.