Corn Futures Jump 4.6% After USDA Cuts US Yield More Than Forecast
Updated
Updated · Bloomberg · Aug 13
Corn Futures Jump 4.6% After USDA Cuts US Yield More Than Forecast
3 articles · Updated · Bloomberg · Aug 13
Summary
Chicago corn futures surged as much as 4.6% on Aug. 12, their biggest jump since June, after the USDA cut the U.S. corn yield outlook more sharply than traders expected.
Hot U.S. weather drove the downgrade, tightening supply expectations for America’s biggest crop and reversing the earlier focus on larger planted acreage.
Corn outpaced wheat, which was already rallying after an attack on a key Russian grain port heightened fears that Black Sea grain exports could be disrupted.
The move adds to a broader shift in grain markets after USDA’s August reports pointed to tighter 2026-27 U.S. corn stocks despite higher acreage and stronger export demand.