Corn Soars After USDA Cuts American Yield in Another Surprise

Corn futures surged on Wednesday, posting their biggest daily gain in three months, after the U.S. Department of Agriculture (USDA) cut its yield and production estimates for the most widely grown crop in the United States. The unexpected reduction in supply sent prices soaring, with the most active corn contract settling up 5.6% at its highest level since June 2021.