US Corn Supply Estimate Remains Stable
The US Department of Agriculture today released its latest World Agricultural Supply and Demand Estimates, known as the WASDE report. The USDA estimates this year’s corn crop at 846 million bushels, down marginally from last month. The figure represents a…
The US Department of Agriculture today released its latest World Agricultural Supply and Demand Estimates, known as the WASDE report. The USDA estimates this year’s corn crop at 846 million bushels, down marginally from last month. The figure represents a 48 million bushel increase from the previous year.
The report noted:
Prices received by producers to date have remained well below prevailing cash bids limiting the upward potential for the season-average farm price.
Corn prices are expected to range from $5.70 to $6.70 per bushel, as demand from livestock producers in China and the US corn-ethanol producers keeps prices up.
Corn futures fell -6% today, and are currently set at about $6.11/bushel. The drop in prices reflects traders’ belief that the crop would be smaller than the WASDE reported.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.