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...Full Story »Oct 10 2:19 PM, Agrimoney