Corn futures closed with gains of 5 to 7 cents on Thursday, September 26, ahead of the USDA report, with the CmdtyView national average cash corn price rising to $4.87. The upcoming Export Sales data, to be released on Friday, is expected to show net cancellations of 600,000 metric tons (MT) to net sales of 50,000 MT in old crop corn, while new crop sales for the week ending September 3 are projected between 1 to 1.9 million metric tons.
The weekly EIA report indicates ethanol production in the week of September 4 was 1.099 million barrels per day, down by 11,000 barrels from the previous week. Ethanol stocks increased by 152,000 barrels to 25.187 million barrels, reflecting a 10.29% rise compared to the same week last year. A Bloomberg survey suggests that the USDA may reduce corn yield by an average of 2.6 bushels per acre (bpa) to 178.1 bpa, forecasting a production decrease of 236 million bushels to 15.777 billion bushels. Ending stocks for the old crop are expected to fall by 7 million bushels to 1.938 billion bushels, while new crop estimates show a drop of 142 million bushels to 1.511 billion bushels.
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