Corn Prices Steady After Sharp Decline Following USDA Report

Corn prices steadied overnight after a sharp decline on Wednesday, but concerns remain about the impact of Wednesday's USDA grain stocks report.

The report showed corn stocks at 2.095 billion bushels, above the top end of estimates and 177 million bushels above the average pre-trade guess.

This has sparked market volatility, with December corn hitting a five-week low on Wednesday at $5.00 ¾.

The question is whether the current corn crop will continue to get smaller, eroding the extra cushion provided by Wednesday's sharp stocks adjustment.