Corn Prices Rise Ahead of USDA Report
Corn futures rose ahead of the USDA report, with gains ranging from 5 to 7 cents across different contracts. The national average Cash Corn price increased by 6 cents to $4.87 per bushel on Thursday. Ethanol production for the week ending September 4 dropped slightly to 1.099 million barrels per day while stocks rose by 152,000 barrels to 25.187 million, a 10.3% increase compared to last year. Traders are anticipating USDA's Friday Export Sales data and expect net cancellations of up to 600,000 MT for old crop corn sales as the marketing year ends. A Bloomberg survey suggests that USDA may reduce yield estimates by an average of 2.6 bushels per acre (bpa), bringing it down to 178.1 bpa on Friday. Production is expected to fall from August levels, with ending stocks projected to decline for both old and new crops. The market remains closely watched as traders prepare for potential shifts in supply estimates that could influence corn prices significantly.
Topics: corn futures trading USDA report