Corn Holds Near 2-Month Low

Corn futures held below $4.8 per bushel, staying near their lowest level in eight weeks, as expectations of a larger US crop and higher inventories outweighed the slower harvest pace. In its October outlook, the USDA raised its 2026/27 US corn yield estimate to 181.2 bushels per acre from 178.5 and projected production at 16.03 billion bushels, while ending stocks were forecast at 1.849 billion bushels. Meanwhile, the Crop Progress report showed 91% of the US corn crop had reached maturity as of October 11, while harvesting stood at 33% complete, six percentage points behind the five-year average. Crop conditions improved by 2 percentage points over the week, with 56% of the crop rated good to excellent. The USDA also raised its US export forecast by 25 million bushels to 3.3 billion, reflecting stronger demand and providing some support. However, the prospect of abundant supplies continued to overshadow export demand, keeping prices under pressure.