Corn Futures Rise as Traders Eye Key USDA Numbers

Corn futures saw gains of 5 to 7 cents across the board on Thursday ahead of the Friday USDA report, closing at $4.87 in the CmdtyView national average Cash Corn price.

The weekly EIA report revealed ethanol production was down by 11,000 barrels per day from the previous week, but stocks saw a 152,000 barrel increase to 25.187 million barrels, which is 10.29% above the same time last year.

Traders are looking for specific numbers in the USDA report: net cancellations of 600,000 MT to net sales of 50,000 on old crop corn sales, and new crop sales seen at 1-1.9 MMT in the week ending September 3.