Corn Futures Drop on Rising Stockpiles

Corn futures held below $4.9 per bushel, after dropping over 4% in the previous session to a seven-week low as the USDA's October report projected a larger US harvest and higher ending stocks for the 2026/27 season. The agency raised its yield estimate to 181.2 bushels per acre from 178.5 in September, lifting production to around 16.03 billion bushels. Ending stocks were also raised to 1.849 billion bushels from the previous estimate, reinforcing concerns over ample supplies. Although the USDA increased its export forecast by 25 million bushels to 3.3 billion, the upward revision in production outweighed stronger projected demand. The agency also lowered its season-average farm price forecast to $4.70 per bushel from $4.80. Meanwhile, US corn harvesting was 23% complete as of October 4, below the five-year average of 27%. Rain was expected to return to parts of the Plains and Midwest during October 12—16, potentially slowing fieldwork and delaying farmer selling.