Corn Prices Climb Ahead of USDA Grain Stocks Report

Corn prices are rising ahead of the USDA's Grain Stocks report, scheduled for release later today. The gains range from 1 to 3 cents so far on Wednesday morning as traders factor in their expectations.

Futures experienced modest losses on Tuesday, with contracts decreasing by up to 2 ¾ cents at the close. Open interest indicated longs were exiting, down 8,951 contracts on that same day.

The USDA's Crop Progress report from Monday showed that 72% of the US corn crop had matured as of September 27, with harvest progress at 18% complete and in line with the average pace. Condition ratings remained steady this week at 57% in good to excellent condition, according to the Brugler500 index.

The National Oceanic and Atmospheric Administration's (NOAA) 7-day QPF forecast indicates heavy rains across the central and western corn belt over the next couple of days, with the eastern part of the region looking wetter towards the end of that period.