FX.co ★ Corn Holds Near 2-Month Low

Corn futures remained below $4.80 per bushel, hovering near an eight-week low, as expectations for a larger US crop and higher inventories outweighed concerns over a slower harvest. In its October outlook, the USDA raised its 2026/27 US corn yield estimate to 181.2 bushels per acre from 178.5 and projected production at 16.03 billion bushels. Ending stocks were forecast at 1.849 billion bushels.

According to the Crop Progress report, 91% of the US corn crop had reached maturity as of October 11, while 33% had been harvested, six percentage points below the five-year average. Crop conditions improved by 2 percentage points over the week, with 56% of the crop rated good to excellent.

The USDA also increased its US export forecast by 25 million bushels to 3.3 billion, reflecting stronger demand and offering some support to the market. Even so, the outlook for ample supplies continued to overshadow export demand, keeping prices under pressure.