Less than a week after we reported that an options whale placed a $20 million bet on corn futures, a new U.S. crop report revealed the sharpest weekly deterioration in conditions in three years.
Bloomberg cites a new USDA report that rated 63% of the U.S. crop as good or excellent, down 4 percentage points from the previous week and below consensus estimates. The decline was due to heat and dryness battering some of the nation's top agricultural growing belts.
US Corn Conditions Slide 4% 🌽
— GrainStats 🌾 (@GrainStats) July 28, 2026
Farmers are saying it’s the largest crisis on the Farm since last week pic.twitter.com/D0iX8PFL93
1YR Net Change Corn Crop Yield Forecasts
The most-active contract gained as much as .9%.
Heat warnings plague parts of Illinois and Missouri, although Corn Belt weather is expected to improve later this week.
Last week, an options trader made a $20 million bet that corn futures will surge to their highest since 2023, as reduced U.S. planting, record exports, and heat-damaged crops tighten the supply outlook. The trade involved 105,000 November $5.50/$6 call spreads, equivalent to more than 500 million bushe
