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August 1st, 2012
Corn futures gained, extending the biggest monthly rally in more than two decades as the worst U.S. drought in half a century persists, threatening global supply.
Corn futures for December-delivery gained as much as 1.4 percent to $8.1675 a bushel on the Chicago Board of Trade after jumping to a record $8.205 yesterday. Futures, which surged 27 percent last month, the biggest monthly gain since 1988, traded at $8.15 at 12:31 p.m. Singapore time.
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July 25th, 2012
Corn futures rose in Chicago on speculation rains forecast for parts of the U.S. may fail to reverse crop losses caused by the worst Midwest drought in at least a generation. Soybeans also gained.
Areas of Indiana and Ohio had as much as 0.75 inch of rain yesterday, and parts of the eastern Corn Belt may receive an inch tomorrow, Telvent DTN said. While rain may ease crop stress, “this will not be a drought-breaking situation,” the forecaster said. As of July 22, 86 percent of the corn crop already entered the silking stage, critical for determining yields, Department of Agriculture data show.
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June 27th, 2012
Corn Futures – Corn supplies in the U.S., the world’s biggest exporter, are declining at the fastest pace since 1996 just as a Midwest heat wave damages the world’s largest harvest for a third consecutive year.
Stockpiles were probably 3.168 billion bushels (80.47 million metric tons) on June 1, 47 percent less than on March 1, the average of 22 analyst estimates compiled by Bloomberg shows. The worst Midwest drought in more than a decade is wilting a harvest that the U.S. Department of Agriculture says will be the biggest ever. The agency updates its inventory estimate June 29 and its production forecast two weeks later.
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June 25th, 2012
CBOT corn futures closed limit-up Monday after surging on concerns that hot and dry weather could damage the U.S. crop and shrink its yield.
Chicago Board of Trade corn futures for July delivery closed up 40 cents, or 6.8%, at $6.31 a bushel, a one-month high for the contract. December corn closed up 40 cents, or 7.2%, at $5.94 a bushel, the contract’s highest settlement since November.
Corn futures for September, March and May also ended the session limit-up.
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November 16th, 2011
Japan, the world’s largest corn importer, made its biggest purchase of European grain in at least a decade, seeking a cheaper alternative to U.S. supply.
The country bought about 800,000 metric tons from Ukraine after it removed a tax on exports last month. The purchase, made by five Japanese trading companies, was for shipments in November to March at prices that were about $20 a ton cheaper than U.S. corn, Nobuyuki Chino, president of Continental Rice Corp. in Tokyo, said in an interview today.
Japan, which sourced almost 90 percent of its corn last year from the U.S., the biggest exporter, is seeking different options after a drought hurt the U.S. crop, driving annual prices to an all-time high and curbing global food supplies.
“Japan joined other Asian buyers in finding cheaper alternatives to U.S. corn in feed as the American supply became too expensive,” Takaki Shigemoto, a commodity analyst at research company JSC Corp. in Tokyo, said today by phone. “A shift in demand will drag Chicago futures toward $6.”
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