Corn Fades Midday Strength to Close the Front Month Weakness

On Wednesday, corn futures ended the trading day with a decline, losing 1 to 2 ¾ cents. Some deferred contracts managed to close higher. Over 200 deliveries were made for September corn overnight. The national average Cash Corn price, as per CmdtyView, fell by 1 ½ cents to $4.98 ¾. The Energy Information Administration (EIA) report indicated ethanol production for the week ended on August 28 was 1.11 million barrels per day, which was a decrease of just 2,000 barrels per day over the previous week.

Stocks experienced a draw of 171,000 barrels, leaving 25.036 million barrels in circulation. Refiner inputs of ethanol increased by 17,000 barrels per day to 940,000 barrels as exports dropped by 58,000 barrels to 104,000 barrels. Coffee prices, meanwhile, witnessed a significant decline due to supply pressures. The U.S. Department of Agriculture (USDA) is expected to release Export Sales data on Thursday, with traders anticipating a range of net cancellations between 200,000 metric tons and sales of 200,000 metric tons for the 2025/26 corn season.

The new crop for 2026/27 bookings are predicted to fall within the range of 500,000 metric tons to 1.6 million metric tons for the week ending on August 27. An Allendale producer survey estimates the U.S. corn yield at 178.7 bushels per acre, with production at 15.833 billion bushels. As of the publication date, Austin Schroeder did not have any positions in the securities discussed in this article. All information and data provided in this article are for informational purposes only.