Corn Prices Decline Amid Reduced Crop Conditions
On Wednesday, corn futures fell by 2 to 3.5 cents as the market reacted to updated crop conditions and yield estimates. The national average Cash Corn price dropped 3 cents to $4.84½. USDA reported a private export sale of 182,880 metric tons (MT) of corn to Mexico for shipment in the 2026/27 marketing year. The latest Crop Progress report indicated that 76% of the U.S. corn crop was dented as of September 6, with harvest at just 5%. Corn condition ratings declined by one percentage point overall, dropping to 46%, due in part to deteriorating conditions in several key states like Illinois and Iowa. StoneX revised their estimate for the 2026 U.S. corn yield downward by 1.9 bushels per acre (bpa) to 182.9 million metric tons, while production is now projected at 16.207 billion bushels using USDA's acreage data. A Bloomberg survey of traders suggests expectations for a further reduction in the USDA’s yield estimate on Friday by an average of 2.6 bpa.
Topics: corn crop progress futures USDA export sales