Corn faces 2nd week of decline as USDA raises yield forecast

Corn faces 2nd week of decline as USDA raises yield forecast

Corn faces 2nd week of decline as USDA raises yield forecast

The U.S. Department of Agriculture has once again upped its predictions for Colorado's 2017 corn-for-grain production. "Even though USDA boosted its demand forecast, the increased product ion would add to carry at a time when stocks are already burdensome".

Trade analysts expected soybean yield estimates to come in slightly lower, but USDA left them unchanged, at 49.5 bpa.

CBOT wheat futures closed higher this week as world wheat stocks were lowered one million metric tons in the updated USDA monthly report. NOTE: All figures listed in billions of bushels. If that comes to fruition, that would stand as the best average yield in the state since 2010, when it was 151.0 bushels per acre.

Global ending stocks were also bumped higher to 203.9 MMTs. "USDA also increased its forecast of Brazilian production, though it's still too early to be making real judgements there".

Vandeweghe to open against Sasnovich in Fed Cup final
Vandeweghe is No. 12, Rogers is No. 59 and Riske is No. 70. "I feel like I'm coming in with wool over my eyes a little bit". Stephens retired from a match with a knee injury in China last week.

"It's a major surprise for the trade to see a production increase this large for corn", said Brian Hoops, Midwest Market Solutions, during the MGEX crop commentary call. South Korean imports were lowered from 10.2 to 9.7. The increase resulted from a 298-million-bu increase in forecast 2017 corn production, at 14,578 million bus, partially offset by a 75-million-bu increase in 2017-18 feed and residual use at 5,575 million bus, and a 75-million-bu increase in forecast exports at 1,925 million bus. Larger U.S. and European production is partially offset by some reductions overseas, most notably in Ukraine, Russia and Vietnam. The U.S. season-average farm price remains unchanged at $3.20 per bushel.

"The idea is that if corn yields can be so high, the USDA might increase soybean yields in its next report".

Without a weather story in South America, a lid could be kept on corn prices for a more extended period. That might set the stage for a move to confirm cycle lows, he says. A push towards $3.20 is still in the cards.

Related news