Futures for corn advanced for the second day in a row with demand for the grain increasing due to ethanol production in the US rising to a new record high.
Daily production of ethanol in the US increased by 1.2% to 982,000 barrels during the week of November 21st, based on a report released by the Energy Information Administration earlier today. Stockpiles of the fuel declined by 1.5% in the country. Marketing consultant Bill Gentry from Risk Management Commodities claimed that farmers are beginning to store their supply of corn waiting for prices to rise.
Futures of the commodity have declined by 8.2% so far this year behind outlook of an all time high harvest. Farmers in the US are forecast to end up with 14.407 billion bushels by the end of the year. The US Department of Agriculture said this week that 94% of harvests have been completed as of November 23rd.
Futures for corn with a delivery date in March advanced by 1.1% for a price per bushel of $3.915 early afternoon on the Chicago Board of Trade. The commodity crop increased by 1.8% yesterday.
Wheat with a delivery date in March advanced by 0.9% for a price per bushel of $5.6275 after reaching its highest in a week of $5.655. Incoming limited snow cover in Russia is expected over the next two weeks, making the crop vulnerable to cold snaps, said the MDA Weather Services.
Soybeans for January delivery retreated by 0.4% to $10.47 per bushel.
The material has been provided by InstaForex Company – www.instaforex.com
Futures for corn advanced for the second day in a row with demand for the grain increasing due to ethanol production in the US rising to a new record high.
Daily production of ethanol in the US increased by 1.2% to 982,000 barrels during the week of November 21st, based on a report released by the Energy Information Administration earlier today. Stockpiles of the fuel declined by 1.5% in the country. Marketing consultant Bill Gentry from Risk Management Commodities claimed that farmers are beginning to store their supply of corn waiting for prices to rise.
Futures of the commodity have declined by 8.2% so far this year behind outlook of an all time high harvest. Farmers in the US are forecast to end up with 14.407 billion bushels by the end of the year. The US Department of Agriculture said this week that 94% of harvests have been completed as of November 23rd.
Futures for corn with a delivery date in March advanced by 1.1% for a price per bushel of $3.915 early afternoon on the Chicago Board of Trade. The commodity crop increased by 1.8% yesterday.
Wheat with a delivery date in March advanced by 0.9% for a price per bushel of $5.6275 after reaching its highest in a week of $5.655. Incoming limited snow cover in Russia is expected over the next two weeks, making the crop vulnerable to cold snaps, said the MDA Weather Services.
Soybeans for January delivery retreated by 0.4% to $10.47 per bushel.
The material has been provided by InstaForex Company – www.instaforex.com
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