CBOT corn tumbles to 2-month low on shock USDA production increase
CORN•CORN•CORN•CORN•CBOT December corn futures fell as much as the 30-cent daily limit and settled 20-1/2 cents lower at $4.79-3/4 a bushel after the USDA raised its U.S. production estimate to 16.034 billion bushels.
The USDA estimated U.S. corn production at 16.034 billion bushels, with an average yield of 181.2 bushels per acre, up from its September estimate of 15.8 billion bushels and 178.5 bushels per acre. Analysts had expected production of 15.721 billion bushels and an average yield of 177.7 bushels per acre.
The USDA forecast corn ending stocks for the 2026/27 season at 1.849 billion bushels, up from 1.567 billion a month earlier and above the average analyst estimate of 1.670 billion. Farmers were actively harvesting amid mostly dry Midwest weather, though late-week rain stalled field work in the western Corn Belt; the USDA had estimated 23% of the crop was gathered as of last Sunday.
