Corn Prices Pull Back Ahead of USDA Report
Corn futures are taking a step back on Friday morning ahead of the highly anticipated USDA report. The market had been on an upward trend, closing Thursday's session with gains of 5 to 7 cents across the board.
The recent uptick in corn prices was seen as a positive sign for farmers and traders alike, but the latest data suggests that production and yields may be lower than previously thought. The USDA is expected to release Export Sales data this morning, which could provide more insight into the market's direction.
According to the Bloomberg survey of traders, expectations are high for a yield cut by an average of 2.6 bpa, with production seen dropping 236 million bushels from August to 15.777 billion bushels. Ending stocks for old crop corn are expected to be down just 7 million bushels to 1.938 billion bushels.