Corn Getting a Bounce Ahead of USDA Report Day
Corn prices are experiencing a surge ahead of the USDA report on Thursday. The market rallied 3 to 4 cents, fueled by Wednesday's decline, bringing the CmdtyView national average Cash Corn price to $4.84 1/2. The EIA's weekly report revealed ethanol production at 1.099 million barrels per day, marking an 11,000 barrel decrease from the previous week.
Stock levels rose by 152,000 barrels to 25.187 million, representing a 10.29% increase compared to the same week last year. Cocoa prices also climbed after Ghana suggested raising farmer pay, while coffee prices rose in tight ICE inventories and Vietnam weather conditions. Sugar prices surged sharply due to a significant jump in crude oil prices.
According to a Bloomberg survey, traders anticipate the USDA to reduce yield expectations by an average of 2.6 bushels per acre, dropping to 178.1 bushels per acre. Production is projected to decline by 236 million bushels from August to 15.777 billion bushels. Ending stocks for the old crop are expected to decrease by 7 million bushels to 1.938 billion bushels, with new crop stocks dropping 142 million bushels to 1.511 billion bushels.
Argentina's 2026/27 corn production is estimated between 67.5 and 70.5 million metric tons, up from the previous estimate of 66 million metric tons.
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