Corn Squares Up Ahead of USDA Report Day

Corn futures were seen stabilizing ahead of the USDA report release on Friday, with prices showing a 5 to 7 cent increase per bushel. The CmdtyView national average Cash Corn price rose to $4.87, while the weekly EIA report indicated ethanol production at 1.099 million barrels per day, a decrease of 11,000 barrels from the previous week.

Stock levels rose by 152,000 barrels to 25.187 million barrels, surpassing the same week last year by 10.29%. Arabica Coffee prices dropped sharply due to ICO projections for record coffee production. The USDA will release Export Sales data on Friday, with traders anticipating net cancellations of 600,000 metric tons for old crop corn sales, alongside net sales of 50,000 metric tons.

New crop sales in the week ending September 3 are projected at 1-1.9 million metric tons. Traders surveyed by Bloomberg expect USDA to cut yield by an average of 2.6 bushels per acre, bringing the average to 178.1 bushels per acre. Production is anticipated to drop by 236 million bushels from August to 15.777 billion bushels, while ending stocks for old crop are projected to decrease slightly by 7 million bushels to 1.938 billion bushels.

New crop ending stocks are expected to decrease further by 142 million bushels to 1.511 billion bushels. At the time of publication, Austin Schroeder had no positions in any of the securities mentioned. All information and data presented in this article are for informational purposes only.