Chicago Board of Trade corn futures pushed higher on Wednesday following a U.S. Department of Agriculture report that revised U.S. corn supply estimates downward and noted continued strength in U.S. corn exports. Soybean and wheat contracts moved up alongside corn.
Price movements - As of 12:30 p.m. CT, the most active CBOT corn contract had gained 18-1/4 cents, trading at $4.78 per bushel. Soybeans were up 12-1/4 cents at $11.81 a bushel, while wheat climbed 23-1/4 cents to $6.53-3/4 a bushel.
USDA outlook - The USDA now projects that U.S. corn stocks at the close of the 2026/27 season will total 1.653 billion bushels, down from the department's July estimate of 1.790 billion bushels. That downward revision reflects two main factors the USDA highlighted: stronger-than-expected U.S. corn exports and a smaller supply to begin the season.
Harvest and yields - The agency reiterated that U.S. producers are on track to harvest their second-largest corn crop on record this autumn. While summer weather reduced yields in some areas, the USDA said those lower yields were more than offset by increases in planted acreage.
Wider market drivers - Wheat prices received additional support after reports that Ukraine attacked grain terminals in the Russian export port of Novorossiysk. Those reports have raised concerns about potential disruptions to global wheat supplies and contributed to the strength in wheat futures.
The combined effect of a smaller projected carryover, robust export demand and supply uncertainties at key export hubs contributed to gains across the three major U.S. grain contracts on the CBOT during the mid-day trading session.
Analyst note - The USDA's update framed the price reaction: a reduced end-of-season stock estimate for corn alongside ongoing export activity tightened the supply-demand balance in market participants' assessments. Market participants reacted in the pit and electronically by bidding up front-month contracts for corn, soybeans and wheat.
Information in this article is based on the USDA report and market price data cited above.