Corn futures remained below $4.90 per bushel, after falling more than 4% in the previous session to a seven-week low, as the USDA’s October report signaled a larger US harvest and higher ending stocks for the 2026/27 season. The agency raised its yield forecast to 181.2 bushels per acre from 178.5 in September, pushing projected production to about 16.03 billion bushels. Ending stocks were also increased to 1.849 billion bushels, underscoring expectations of ample supply.
While the USDA lifted its export forecast by 25 million bushels to 3.3 billion, the production upgrade more than offset the stronger demand outlook. The agency also cut its season-average farm price projection to $4.70 per bushel from $4.80.
Meanwhile, US corn harvest progress stood at 23% as of October 4, trailing the five-year average of 27%. Rain is expected to return to parts of the Plains and Midwest between October 12 and 16, which could slow fieldwork and delay farmer sales.
