Bumper corn harvest dampens price outlook

Dive Brief:

U.S. corn production is estimated to reach a record high, threatening a global trade surplus that could drag down prices.
Due to record yields, the U.S. Department of Agriculture on Friday predicted 15.3 billion corn bushels in 2023-24, up 108 million from its previous estimate.
With production also increasing in other countries, the USDA said corn supply is “rising more than use.” The agency lowered the season-average corn price received by producers to $4.80 per bushel, a decline to levels not seen since 2021.