Commodities
Corn Futures Rally Ahead of Expected USDA Yield Cut
Corn futures saw a modest recovery on Thursday, gaining between 3 to 4 cents as traders prepared for the upcoming USDA report. The market had experienced weakness the previous day.
The CmdtyView national average Cash Corn price also rose by 3 1/2 cents to $4.84 1/2. However, ethanol production declined by 11,000 barrels per day in the week of September 4, according to the EIA report.
A Bloomberg survey revealed that traders expect the USDA to lower its yield estimate on Friday by an average of 2.6 bpa, to 178.1 bpa. This would result in a decrease in production from August to 15.777 bbu.