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Corn Futures Rally on Surprising USDA Report
12 Jul
Summary
- US corn stocks for 2025/26 were reduced by 125 million bushels.
- New crop corn carryout saw a significant drop of 170 million bushels.
- Global corn stocks were trimmed by 5.96 million metric tons.
Corn futures saw significant gains on Friday, with prices rising 6 to 8 cents following the release of the latest USDA WASDE report. The report indicated a downward revision for US corn stocks in the 2025/26 season, now projected at 2.02 billion bushels, a decrease of 125 million bushels from the previous month.
Further bolstering the market, new crop corn carryout was reduced by 170 million bushels to 1.790 billion bushels. This adjustment was attributed to a lower carryover and a 50 million bushel increase in export expectations. Globally, corn stocks were also trimmed, with a reduction of 5.96 million metric tons bringing the total to 275.26 million metric tons.
These adjustments reflect changes in various regions, including a decrease in EU production by 3.72 million metric tons, although Argentina's output for 2025/26 was raised by 2 million metric tons.
