Corn futures posted midday gains of 3 to 4 cents Thursday, rebounding from Wednesday’s decline. Overnight, 319 contracts were delivered against September corn. The CmdtyView national average cash corn price rose 3 1/2 cents to $4.84 1/2.
The latest weekly EIA report showed ethanol production averaged 1.099 million barrels a day during the week ended Sept. 4, down 11,000 barrels a day from the previous week. Ethanol stocks increased by 152,000 barrels to 25.187 million, 10.29% above the same period last year.
A Bloomberg survey found traders expect the USDA to reduce its average corn-yield estimate by 2.6 bushels per acre Friday, bringing it to 178.1 bushels per acre. Production is forecast to fall by 236 million bushels from August to 15.777 billion. Old-crop ending stocks are expected to decline by 7 million bushels to 1.938 billion, while new-crop supplies are projected to drop by 142 million bushels to 1.511 billion.
The Rosario Grains Exchange estimates Argentina’s 2026/27 corn crop at 67.5 million to 70.5 million metric tons, above the previous forecast of 66 million tons.
September 2026 corn was quoted at $5.14 3/4, up 7 cents. December 2026 corn rose 3 1/2 cents to $5.31 1/4, while March 2027 corn gained 3 1/2 cents to $5.46 3/4. Nearby cash corn stood at $4.84 1/2, up 3 1/2 cents.
