Corn hovers near 1-year low after record USDA yield estimate

10 November, 2017, 18:34 | Author: Leticia Walters
  • The U.S. Department of Agriculture raised its average corn yield estimate to 175.4 bushels per acre which if it holds would be a new record

Soybean production is forecast at a record 4.43 billion bushels, up 3 percent from past year, down 1 percent from October. Both of those predictions are unchanged from last month's forecast. The Chicago Board of Trade most-active corn contract was down 0.2 percent at $3.41 a bushel by the end of the overnight session, close to Thursday's one-year low of $3.40-3/4.

Wheat is up 0.8 percent for the week, its biggest weekly gain since mid-September.

Brazil is expected to win a larger share of China's soybean imports in coming months, hitting USA exporters during peak marketing season for their most valuable farm product as the world grapples with a fifth consecutive bumper crop.

Analysts say it's still too early to make any real assessment of Brazilian corn and soybean crops with planting just 60 percent completed with the entire growing season ahead.

Yields are expected to average 197 bushels per acre, up 6 bushels per acre from the October forecast.

"Exports are raised 75 million bus, reflecting expectations of improved US competitiveness, reduced exports for Ukraine and increase demand from Mexico based on sharply lower sorghum production prospects", the U.S.D.A. said.

The U.S. Department of Agriculture raised its average corn yield estimate to 175.4 bushels per acre, which if it holds, would be a new record.

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

Wheat, corn and soy United States cents/bushel. The added acreage helps offset lower anticipated average yields of 136 bushels per acre. An estimated 2.95 million acres will be harvested for grain.

Traders and funds gear up to trade the USDA report with volume often sagging thereafter into the U.S. Thanksgiving Day holiday.

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