Corn Futures Climb as USDA Forecasts Tighter US Supplies

Corn futures on the Chicago Board of Trade (CBOT) extended gains Wednesday following a U.S. Department of Agriculture (USDA) report that projected tighter domestic supplies due to robust export demand.

USDA Lowers Stockpile Forecast

The USDA's latest report revised its outlook for U.S. corn stocks at the end of the 2026/27 marketing season, forecasting a drop to 1.653 billion bushels. This is a notable decrease from the agency's July estimate of 1.790 billion bushels.

The department attributed the downward revision to a combination of stronger-than-anticipated corn exports and a smaller supply to begin the season. Despite the tighter outlook, the USDA still expects U.S. farmers to harvest their second-largest corn crop on record this autumn, as larger planted acreage has more than offset lower yields caused by adverse summer weather.

Market Reaction

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In response to the report, the most-active CBOT corn contract was trading 18-1/4 cents higher at $4.78 per bushel as of 12:30 p.m. CT. The bullish sentiment extended to other key agricultural commodities:

• Soybean futures rose 12-1/4 cents to $11.81 a bushel.
• Wheat futures jumped 23-1/4 cents to $6.53-3/4 a bushel.

Wheat prices also drew strength from geopolitical factors, according to market reports. Concerns over potential global supply disruptions intensified after Ukraine reportedly attacked grain terminals at the Russian port of Novorossiysk, a key hub for wheat exports.