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corn futures climb
May 29th, 2013
Corn futures rose in Chicago as rains further delayed sowing in some U.S. states. Wheat slipped on prospects for improved crop conditions.
Parts of Iowa, Illinois, Missouri and South Dakota had as much as 6 inches (15 centimeters) of rain during the past three days, causing flooding and delaying planting, Commodity Weather Group LLC said yesterday. The U.S. is the world’s largest producer of the grain.
“Weather conditions are still penalizing for soybeans and corn,” Paris-based farm adviser Agritel wrote in a comment today. “On the flip side, the rains are beneficial for wheat crops, which explains the price drop for this product, even more so as planting conditions in Australia look favorable.”
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March 15th, 2013
Corn Futures – U.S. farmers will plant more corn and soybean acres than the government forecast last month, according to a survey of growers by Allendale Inc. Wheat planting will rise for a third consecutive year, it said.
Farmers indicated they will sow 96.956 million acres with corn, Allendale said today in an e-mailed release. That’s down from last year’s 97.155 million acres and above the 96.5 million that the U.S. Department of Agriculture forecast on Feb. 22.
Soybean plantings will rise to 78.324 million acres from 77.198 million last year, according to Allendale’s 24th annual survey of farmers, which was conducted this year from Feb. 25 to March 8. The USDA said last month that 77.5 million acres would be sown this year.
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March 11th, 2013
Corn futures rose for a third session in Chicago as a government report showed U.S. inventories will remain at a 17-year low on increasing use of the grain in livestock feed. Soybeans and wheat advanced.
U.S. corn stockpiles before the next harvest will be 632 million bushels, the Department of Agriculture said March 8, leaving its forecast unchanged at the lowest since 1996 even as analysts predicted a climb to 646 million bushels. The USDA raised its forecast for corn use in animal feed to 4.55 million bushels, from 4.45 million bushels. Corn stockpiles worldwide will drop to 117.5 million metric tons, smaller than the 118 million tons predicted last month.
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December 19th, 2012
Corn futures fell to the an 11-week low after the government said production of ethanol fell and inventories rose last week. Soybeans declined for a third time this week as rains aid crops in Brazil.
Production of ethanol in the U.S., mostly from corn, fell 13 percent in the week ended Dec. 14 from a year earlier, the Department of Energy said in a weekly report. About 42% of this year’s crop will be used to make ethanol, according to the U.S. Department of Agriculture. Stockpiles rose 4 percent last week from a year earlier to the highest since June. Ethanol producers are losing as much as 25 cents a gallon producing the fuel, according to Northstar Commodity Investments Inc.
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December 10th, 2012
Corn Futures – Three consecutive years of smaller U.S. corn harvests are driving inventories of the world’s most- consumed grain to a 39-year low and spurring Goldman Sachs Group Inc. to predict that prices will rise near record highs.
Global stockpiles probably will drop 11 percent to 117.64 million metric tons by Oct. 1, according to the average of 16 analyst estimates compiled by Bloomberg. That would be 13.8 percent of what the U.S. Department of Agriculture expects to be used for food, ethanol and livestock feed, the lowest ratio of inventories since 1974. The USDA is scheduled to update its forecasts at 8:30 a.m. in Washington.
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October 2nd, 2012
Corn futures – Corn and soybean production in the U.S., the world’s largest grower and exporter last year, will exceed a government forecast, according to estimates by INTL FCStone Inc. (INTL)
Corn output will be 10.824 billion bushels, up from 10.727 billion forecast last month by the U.S. Department of Agriculture, FCStone said today in an e-mail report from its West Des Moines, Iowa, office. A month ago, the commodity researcher and brokerage company said production would fall to 10.607 billion, compared with 12.358 billion a year ago.
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September 28th, 2012
Corn futures prices surged the most in three months after the U.S. reported an unexpected plunge in domestic inventories to an eight-year low, signaling stronger demand for the grain.
Stockpiles left from last year’s harvest in the U.S., the world’s biggest grower and exporter, totaled 988 million bushels on Sept. 1, down 12 percent from 1.128 billion a year earlier, the U.S. Department of Agriculture said today in a report. Analysts in a Bloomberg survey expected 1.145 billion, on average. Wheat inventories fell to a four-year low, and sorghum reserves were the smallest since 1996, the agency said.
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September 27th, 2012
Corn Futures – Corn supplies in the U.S., the world’s biggest grower and exporter, are dropping below last year’s domestic usage for just the third time in half a century after a Midwest drought damaged crops from Ohio to Nebraska.
Production this year plus inventories before the harvest will reach 11.872 billion bushels, less than the 12.33 billion consumed or exported last year, according to U.S. Department of Agriculture data and a Bloomberg survey of 29 analysts. Only twice since 1960 has supply failed to exceed usage from the previous year, and the last time was in 1996. The USDA will update its inventory tally tomorrow at 8:30 a.m. in Washington.
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September 25th, 2012
Corn Futures – Corn spreads in Chicago have collapsed from a peak in July, and buying grain for December delivery is now cheaper than for March delivery as an early U.S. harvest and record Brazil exports are boosting immediate supply.
Corn futures for December delivery has slipped 6.8 percent in the past month to $7.4675 a bushel, while the March contract dropped 6.4 percent to $7.5025 a bushel in the same period, making corn for the closer date 3.75 cents cheaper. Buyers on July 20 had to pay 14.5 cents more for corn delivered in December.
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September 12th, 2012
Corn Futures – Corn output in the U.S., the world’s largest grower, will fall by less than analysts expected after the worst drought in more than 50 years, the government said. Prices fell to a seven-week low.
Farmers will collect 10.727 billion bushels, the smallest crop in six years and down 13 percent from 12.358 billion in 2011, the U.S. Department of Agriculture said today in its second survey-based estimate for the crop. Last month, the USDA forecast 10.779 billion. The average prediction of 35 analysts surveyed by Bloomberg was for 10.420 billion. Supplies of the grain on Aug. 31, 2013, will be greater than analyst estimates.
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