Corn futures held above $4.60 per bushel, sustaining early gains near one-year highs even as USDA signaled ample supplies into 2027. The agency projected corn production at 15.995 billion bushels, down 6% from a record harvest but still the second-largest on record, while ending stocks were forecast at 1.957 billion bushels, down 185 million year-on-year but slightly above market expectations. Exports are expected to ease to 3.15 billion bushels, while domestic use remains broadly steady. Even with ample overall supply, USDA projections reinforced a gradually tightening longer-term outlook alongside strong biofuel demand tied to elevated crude oil prices and geopolitical tensions. The season-average farm price was lifted to $4.40 per bushel, offering some relief to producers after several years of weak margins, high input costs, and trade disruptions. Corn has already risen about 9% year-to-date, with further gains potentially helping lift cash prices closer to breakeven levels.

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