Corn futures have slumped to a 3-month low in the U.S. The latest USDA report sparks the biggest corn futures retreat since 2013, with controversial data extinguishing a potential rally in corn markets.
Farmers already stung by Trump’s trade tariffs now face a $3.5 billion corn loss, with the best opportunity to sell their crops now behind, says Bloomberg.
Before the USDA reports, corn futures were trading 6-7 cents lower, per ProFarmer. Now they’re locked at their 25-cent limit lower. The report also caused major dips in wheat, soybeans, and cotton.