Corn saw its five day rally come to an end today with speculation high that an incoming government report will show that harvests in the US, the largest producer in the world, were bigger than expected.
Futures for the commodity with a delivery date in December fell by as much as 0.9% for a price per bushel of $3.375 and was trading late morning Singapore time at $3.38. Corn ended yesterday’s session at $3.405, the highest value since September 17th among most active contracts.
Results of a Bloomberg News survey indicate that the size of the US corn harvest may reach a record high 14.54 billion bushels, greater than the US Department of Agriculture’s (USDA) estimate of 14.395 billion. The USDA is expected to release its updated forecast based on the responses of farmers and field estimates on October 10th.
Agribusiness economist Phin Ziebell from Melbourne’s National Australia Bank Ltd. says that, “All eyes will be on the USDA report at the end of the week. It’s been a good year, and the latest indications show that the harvests continue to perform strongly.”
Soybeans with a delivery date in November declined by 0.5% for a price per bushel of $9.36, contributing towards its 28% drop so far this year. Futures of wheat for December fell by as much as 0.8% to $5.02 after hitting its highest since September 11th at $5.115.
The material has been provided by InstaForex Company – www.instaforex.com
Corn saw its five day rally come to an end today with speculation high that an incoming government report will show that harvests in the US, the largest producer in the world, were bigger than expected.
Futures for the commodity with a delivery date in December fell by as much as 0.9% for a price per bushel of $3.375 and was trading late morning Singapore time at $3.38. Corn ended yesterday’s session at $3.405, the highest value since September 17th among most active contracts.
Results of a Bloomberg News survey indicate that the size of the US corn harvest may reach a record high 14.54 billion bushels, greater than the US Department of Agriculture’s (USDA) estimate of 14.395 billion. The USDA is expected to release its updated forecast based on the responses of farmers and field estimates on October 10th.
Agribusiness economist Phin Ziebell from Melbourne’s National Australia Bank Ltd. says that, “All eyes will be on the USDA report at the end of the week. It’s been a good year, and the latest indications show that the harvests continue to perform strongly.”
Soybeans with a delivery date in November declined by 0.5% for a price per bushel of $9.36, contributing towards its 28% drop so far this year. Futures of wheat for December fell by as much as 0.8% to $5.02 after hitting its highest since September 11th at $5.115.
The material has been provided by InstaForex Company – www.instaforex.com
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