Corn Drops With Record US Harvest Seen Bigger Than Expected
Workers harvest corn at Yakama Nation Farms in Wapato, Washington.
Photographer: Emree Weaver/BloombergChicago 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.