By Michael Hirtzer | Updated on Oct 09, 2026 at 05:46 PM
Corn plunged by the most in three years after the US Department of Agriculture raised its outlook for yield and production of the top American crop, when most analysts expected a cut.
The agency estimated corn output at about 16 billion bushels, up 1% from last month. Analysts surveyed by Bloomberg, on average, predicted production of 15.73 billion. Only one estimate of over two dozen saw output of at least 16 billion — the brokerage StoneX, which based its findings on its own farmer-based survey.
Futures dropped by their daily price limit of 30 cents, sliding 6% to $4.7025 a bushel, the lowest level since Aug. 11.
“The numbers couldn’t get much worse for the corn,” said Charlie Sernatinger, global head of grain at Marex Group Ltd.
Prices for the yellow grain had started to rally in mid-August as expectations mounted that searing summer heat took a toll on fields. With fighting between Russian and Ukraine disrupting grain exports out of the Black Sea, hopes were raised that some demand could pivot to the US, giving farmers who have been struggling with high costs a better chance at profits.
A downturn comes as tough economics in rural America has increasingly become a talking point ahead of the midterm elections, as farmers work through the autumn harvest with record diesel prices. Farm machinery makers such as market leader Deere & Co. were also easing following the USDA report on Friday.
Read More: WASDE Headline Results Table