USDA Photo by Lance Cheung.

Corn futures fell sharply in response to the USDA’s Sept. 30 Quarterly Grain Stocks report. The report put Sept. 1 corn stocks at 2.095 billion bushels, up 35% from last year and a seven-year high, compared with the 1.918 billion bushels analysts expected. December corn closed down 21.25 cents at $5.0075 per bushel, its lowest settlement since Aug. 19. The USDA also trimmed the 2025 corn harvest to 16.964 billion bushels but left the record yield unchanged at 186.5 bushels per acre.

Jeremy McCann of Farmer’s Keeper said the market did not get the yield reduction it was calling for. He also noted that this year’s crop has dealt with a range of weather problems, and he sees room for production to move lower.

Soybean stocks came in at 315 million bushels, down 3.1% from last year and a three-year low, while November soybeans closed at $12.93. Wheat stocks totaled 1.846 billion bushels, down 14% from last year, and 2026 wheat production of 1.534 billion bushels is the smallest since 1970.

Read more of the report recap from Farm Progress. and full USDA report here.