Corn Futures Tumble, After US Makes Surprise Yield Upgrade
Corn futures tumbled, after the US unexpectedly raised its yield forecast for this year’s crop, but soybean prices gained, with the estimate for output of the oilseed cut by more than investors had expected.
Chicago corn futures for December, which had stood a little lower ahead of the US Department of Agriculture’s Wasde crop briefing, extended those losses sharply afterwards, chalking up a 3.7% loss at one stage.
The contract, one hour after the report, stood at $3.81 ½ a bushel, a drop of 3.2% on the day.
The declines reflected a surprise upgrade in the Wasde to the USDA’s forecast for the domestic corn yield this year, by 0.2 bushels per acre to 168.4 bushels per acre, while lowering expectations for consumption of the grain...
To Read Full Story Login Below.
Submit comment or question
Note: All comments are displayed with user's screen name. If screen name is not present, user's full name will be used. Please go to My Account to update your screen name.
Comment Policy: Urner Barry has made the comment feature available to encourage further discussion of our news stories. Defamatory or offensive comments, or comments deemed not relevant to the story will be removed, and if necessary, Urner Barry may restrict the right of individual subscribers to offer comments. In all cases, comments represent opinions of the poster only, and do not represent fact, news, opinions or estimates put forward by Urner Barry.
Email Address is required.
Password is required.