USDA's Grain Stocks Report Set to Influence Corn Futures

Corn futures are trading modestly firmer in narrow trade ahead of the USDA's quarterly Grain Stocks report. On average, analysts expect Sept. 1 corn stocks at 1.918 billion bu., which would represent a six-year high and a 24% annual increase.

However, this estimate is below USDA's projected 2025-26 ending stocks of 1.922 billion bu. in the September WASDE report. Additional waves of rain coming to the western Corn Belt into the weekend will delay fieldwork, though World Weather Inc. forecasts a much drier pattern from Friday into Oct. 14.

December corn futures are trading within Tuesday's range, limited by resistance at the 10- and 20-day moving averages, trading at $5.43 and $5.36 ½, while support is at $5.33, which is backed by the 40-day moving average.