Corn futures experienced midday gains of 3 to 4 cents on Thursday, rebounding from previous losses. The September corn saw 319 deliveries overnight, while the CmdtyView national average Cash Corn price rose by 3.5 cents to $4.84.
According to the weekly EIA report for the week ending September 4, ethanol production decreased to 1.099 million barrels per day, down 11,000 bpd from the previous week. Ethanol stocks increased by 152,000 barrels to 25.187 million barrels, marking a 10.29% increase compared to the same week last year.
A Bloomberg survey indicates that traders expect the USDA to reduce corn yield by an average of 2.6 bushels per acre, bringing it to 178.1 bpa, with production anticipated to drop by 236 million bushels to 15.777 billion bushels. Ending stocks for the old crop are projected to decrease by 7 million bushels to 1.938 billion bushels, while new crop stocks are expected to fall by 142 million bushels to 1.511 billion bushels.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
