Corn data from the September supply and demand report was more bearish than the trade was expecting.

The average U.S. corn yield is now estimated at 173.8 bushels per acre compared to 175.1 bushels per acre last month. While this was down, the total crop size increased 20 million bushels to 15.13 billion bushels due to increased harvested acres. 

The U.S. Department of Agriculture (USDA) raised its harvested acreage estimate for corn to 87.1 million from 86.32 million in previous outlooks.

On the demand side, the USDA increased corn imports on the 2022-23 balance sheets by 5 million bushels, raised exports by 40 million bushels and reduced food, seed and industrial usage by 30 million bushels. This decreased old crop ending stocks by 5 million bushels to total 1.45 billion bushels.

New crop demand was unchanged, but with changes on old crop and elevated...