Corn futures are down 9 to 11 cents due to USDA’s smaller-than-expected yield cut. The national average cash corn price rose by 6 ½ cents to $4.02 ½. USDA reported a 186 bpa corn yield, only a 0.7 bpa decrease from the previous report, resulting in a drop in output to 16.752 bbu.

According to WASDE, the 2024/25 carryout number increased by 207 mbu to 1.532 bbu. The total 2025/26 supply rose by 144 mbu to 18.309 bbu, with exports up by 100 mbu. World corn ending stocks are estimated at 281.34 MMT, a slight reduction from the previous report.

The USDA disclosed a backlog of flash sale announcements totaling 4.915 MMT from October 1 to November 12. Large sales for the current marketing year were 4.367 MMT, with 548,640 MT for 2026/27. Corn prices for December and upcoming months are down between 9 1/2 to 10 3/4 cents.

Read more at Yahoo Finance: Corn Falling as USDA Yield Cut Comes Well Shy of Estimates