Corn futures are trading with Thursday midday gains of 3 to 4 cents, getting a bounce from the Wednesday weakness. There were 319 deliveries against September corn overnight. The CmdtyView national average Cash Corn price is up 3 1/2 cents at $4.84 1/2.
The weekly EIA report showed ethanol production at 1.099 million barrels per day in the week of 9/4, down 11,000 bpd from the week prior. Stocks saw a 152,000 barrel increase to 25.187 million barrels, which is 10.29% above the same week last year.
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A Bloomberg survey of traders shows expectations for USDA to cut yield on Friday by an average of 2.6 bpa, to an average of 178.1 bpa. Production is seen dropping 236 mbu from August to 15.777 bbu. Ending stocks for old crop are seen at down just 7 mbu to 1.938 bbu, with new crop expected to be down 142 mbu lower to 1.511 mbu.
Argentina’s 2026/27 crop is estimated in a range of 67.5 to 70.5 MMT, according to the Rosario Grains Exchange, which is up from the 66 MMT estimate prior.
Sep 26 Corn is at $5.14 3/4, up 7 cents,
Nearby Cash is at $4.84 1/2, up 3 1/2 cents,
Dec 26 Corn is at $5.31 1/4, up 3 1/2 cents,
Mar 27 Corn is at $5.46 3/4, up 3 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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