Corn futures dropped on Tuesday due to USDA adding over 1 billion bushels to the balance sheet, resulting in 12 to 13 ½ cent losses. The national average Cash Corn price decreased by 13 1/4 cents to $3.54 1/4. USDA reported a private export sale of 315,488 MT of corn to Mexico.

The USDA Crop Production report revealed a national corn yield of 188.8 bpa, exceeding trade ideas of 184.3. Production was estimated at 16.742 billion bushels, an increase of 1.037 bbu from the previous month. Acreage saw a surprising addition of 2.1 million planted acres to reach 97.3 million acres.

Old crop corn stocks were reported at 1.305 bbu, a decrease of 35 mbu from last month, with exports rising by 70 mby and corn used in ethanol reduced. New crop estimates climbed by 457 mbu to 2.117 bbu. World stocks for the 2025/26 marketing year increased by 10.46 MMT to 282.54 MMT, while old crop production for Brazil remained steady at 132 MMT.

US corn condition ratings slipped by 1 point this week, with 72% gd/ex and 383 on the Brugler500 index. Improvement was noted in IN, IA, and MN, while deterioration was seen in IL, MI, MO, OH, and ND. South Korea purchased 65,000 MT of corn in a tender, and Brazil’s August corn exports are estimated at 7.97 MMT.

Corn prices fell, with Sep 25 Corn closing at $3.71 1/2, Nearby Cash at $3.54 1/4, Dec 25 Corn at $3.94 1/2, Mar 26 Corn at $4.12 1/4, and New Crop Cash at $3.51 5/8. Austin Schroeder did not have positions in mentioned securities. Source: Barchart.com.

Read more at Yahoo Finance: Corn Hits New Lows as USDA Raises Yield and Acreage