CBOT corn futures reach two-week high after USDA reports

Chicago Board of Trade corn futures reached a two-week high on Wednesday, following a U.S. Department of Agriculture report that forecast smaller supplies and strong export demand, market analysts said.

• The most-active contract Cv1 settled up 20-1/4 cents at $4.80-3/4 a bushel, the highest price since July 29.
• The USDA raised its U.S. corn production forecast on Wednesday as a larger harvested area more than offset a larger-than-expected cut to its outlook for national average corn yield.
• Stronger corn exports and a smaller supply to start the season were expected to reduce U.S. stocks at the end of the 2026/27 season to 1.653 billion bushels, from its 1.790 billion-bushel estimate in July. Soybean ending stocks for 2026/27 were seen at 320 million bushels, compared with 310 million previously.
• The USDA projected the average 2026 U.S. corn yield at 180.7 bushels per acre (bpa), down from its forecast of 183.0 bpa a month ago, while the agency's harvested acreage outlook increased to 88.6 million acres, from 87.4 million acres a month ago. Production was increased to 16.013 billion bushels, up slightly from its July forecast of 16.000 billion bushels.