Corn draws back from largest gain in a week behind harvest
October 22, 2014 8:21 am
Corn declined after gaining by the largest margin in a week with dry weather expected to accelerate farmers’ harvests of a bumper crop.
Futures for the commodity with a delivery date in December decreased by as much as 0.4% for a price per bushel of $3.545 after gaining by the largest since October 14th yesterday of 2.2%. It was trading late morning Singapore time at $3.5525 on the Chicago Board of Trade.
Corn has climbed up by 11% so far this month due to harvests being delayed by the onset of rain in the US, the largest grower of the corp in the world. The US Department of Agriculture (USDA) says that around 31% have been harvested as of October 19th, behind the 53% five year average. The Commodity Weather Group LLC claimed yesterday that the Midwest will undergo only light showers which will allow progress for corn and soybeans to improve.
Analyst Graydon Chong from Sydney’s Rabobank International says that, “We’ve got a pretty good run at the crop now in terms of having dry conditions forecast through this week, so we think there’ll be quite a bit of progress. The further we get through harvest, the less uncertainty there is.”
Corn production in the US is projected by the USDA to reach a record high of 14.475 billion bushels this year, alongside an all time high for soybeans at 3.927 billion bushels.
Soybeans with a delivery date in November was at $9.625 per bushel from yesterday’s $9.6425, while wheat in December increased by 0.3% to $5.2075 per bushel.
The material has been provided by InstaForex Company – www.instaforex.com
Corn declined after gaining by the largest margin in a week with dry weather expected to accelerate farmers’ harvests of a bumper crop.
Futures for the commodity with a delivery date in December decreased by as much as 0.4% for a price per bushel of $3.545 after gaining by the largest since October 14th yesterday of 2.2%. It was trading late morning Singapore time at $3.5525 on the Chicago Board of Trade.
Corn has climbed up by 11% so far this month due to harvests being delayed by the onset of rain in the US, the largest grower of the corp in the world. The US Department of Agriculture (USDA) says that around 31% have been harvested as of October 19th, behind the 53% five year average. The Commodity Weather Group LLC claimed yesterday that the Midwest will undergo only light showers which will allow progress for corn and soybeans to improve.
Analyst Graydon Chong from Sydney’s Rabobank International says that, “We’ve got a pretty good run at the crop now in terms of having dry conditions forecast through this week, so we think there’ll be quite a bit of progress. The further we get through harvest, the less uncertainty there is.”
Corn production in the US is projected by the USDA to reach a record high of 14.475 billion bushels this year, alongside an all time high for soybeans at 3.927 billion bushels.
Soybeans with a delivery date in November was at $9.625 per bushel from yesterday’s $9.6425, while wheat in December increased by 0.3% to $5.2075 per bushel.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: