Corn futures declined to about $4.60 per bushel, the lowest level in nine weeks, pressured by favorable harvest weather and expectations of a record-large US crop. Scattered rains last week temporarily slowed fieldwork in parts of the Midwest, but drier conditions forecast through the end of this week are expected to speed up harvesting and increase supplies coming to market.
According to the USDA’s latest weekly crop progress report, US farmers have harvested 44% of the corn crop, below trade expectations. 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 total production at 16.03 billion bushels. Ending stocks were forecast at 1.849 billion bushels.
Weak export demand added further downside pressure. US corn export inspections fell to 26.47 million bushels in the week ended October 15, well below analysts’ forecasts of 43.3 million bushels and marking the lowest weekly total since mid-October 2024.
