Corn Prices Retreat Ahead of USDA Report

Corn prices have pulled back by 4 to 5 cents on Friday morning as traders square up ahead of the USDA report. This comes after futures closed Thursday with gains of 5 to 7 cents across the board.

The CmdtyView national average Cash Corn price was up 6 cents at $4.87, but has since dropped. The weekly EIA report showed ethanol production down 11,000 bpd from the week prior, while stocks saw a 152,000 barrel increase to 25.187 million barrels.

Traders are looking for net cancellations of 600,000 MT to net sales of 50,000 on old crop corn sales in the last few days of the marketing year. A Bloomberg survey shows expectations for USDA to cut yield today by an average of 2.6 bpa, to an average of 178.1 bpa.