Chicago corn futures fell to the lowest level in nearly a year after the US Department of Agriculture raised its already record-large outlook for the American harvest.
The USDA in a monthly report Tuesday estimated US corn production at 16.742 billion bushels, with a yield of 188.8 bushels per acre, with each surpassing estimates in a Bloomberg survey. That’s after farmers planted more corn acres than a year ago and fields benefited from abundant rainfall and minimal damaging heat.
The harvest “if realized would be the highest production for grain on record for the United States,” the agency said in its report.
Corn futures for December delivery fell by as much as 3.9% to $3.92 a bushel, the lowest since Aug. 29.
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