The corn futures price dipped 0.4% to $4.87 per bushel as profit-taking hit after a three-day rally. Analysts point to steady export demand from Mexico and Southeast Asia, but say the technical resistance remains strong at the $4.95 level. Tuesday’s USDA quarterly stocks report will be key in providing greater insight into supply and demand over the last quarter. A Reuters survey of grain analysts shows the average estimate for Sept. 1 U.S. corn stocks, at 1.337 billion bushels, would be a four-year low and down 24% from a year earlier. However, the analysts’ collective estimate is above the 1.325 billion bushels USDA projected for 2024/25 corn ending stocks in its Sept. 12 monthly supply and demand report. Farmers concerned with downside futures price risk could consider purchasing a December put option at or out of the money to provide short term price protection. If futures prices move lower the put would provide a futures price floor. If futures prices start to trend higher, the put option could be sold and part of the put option premium recovered. Managing the downside futures price risk at key times in the production year can assist in removing risk and protecting against financial losses. Corn futures price touched $4.94 in midday trading, helped by firmer ethanol margins. Industry sources say stable energy prices could underpin corn demand from biofuel producers through the next quarter.