If USDA NASS reports that Iowa’s corn for grain production for 2026 is above
2.772 billion bushels, then the market resolves to Yes.
The Underlying is USDA NASS’s reported Iowa Corn, Grain — Production for the 2026 crop, measured in bushels. Corn silage will not be included. The 2.772-billion-bushel threshold is fixed and will not change if NASS later revises its 2025 figure.