Corn price action is down 4 to 5 cents so far on Friday morning as traders pull back ahead of the USDA reports. Futures close Thursday with gains of 5 to 7 cents across the board. There were 163 deliveries issued against September futures overnight. The CmdtyView national average Cash Corn price was up 6 cents at $4.87.
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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USDA will release Export Sales data this morning, with traders looking for net cancellations of 600,000 MT to net sales of 50,000 on old crop corn sales in the last few days of the marketing year. Sales for new crop in the week ending on September 3 are seen at 1-1.9 MMT.
A Bloomberg survey of traders shows expectations for USDA to cut yield today 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.
Sep 26 Corn closed at $5.14, up 6 1/4 cents, currently down 2 cents
Nearby Cash was $4.87, up 6 cents,
Dec 26 Corn closed at $5.33 3/4, up 6 cents, currently down 4 3/4 cents
Mar 27 Corn closed at $5.49 1/4, up 6 cents, currently down 4 3/4 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.