Corn Futures Rise Ahead of USDA Report as Traders Adjust Bets
Corn futures are up by 1 to 3 cents on Wednesday morning as traders adjust their bets ahead of the USDA's Grain Stocks report, scheduled for later in the day.
The latest data from the Monday NASS Crop Progress report shows that 72% of the US corn crop has matured, with harvest at 18% complete and on pace with average expectations. Condition ratings remain steady this week, with 57% of the crop in good to excellent condition, as measured by the Brugler500 index.
The NOAA's 7-day QPF shows heavy rain forecasted for the central and western corn belt over the next couple days, which could impact yields. Ahead of today's report from NASS, traders surveyed by Bloomberg expect September 1 stocks of corn to total 1.911 billion bushels, a significant increase from last year but slightly lower than the WASDE estimate.