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July 9th, 2012
Corn Futures – The worst U.S. drought since Ronald Reagan was president is withering the world’s largest corn crop, and the speed of the damage may spur the government to make a record cut in its July estimate for domestic inventories.
Tumbling yields will combine with the greatest-ever global demand to leave U.S. stockpiles on Sept. 1, 2013, at 1.216 billion bushels (30.89 million metric tons), according to the average of 31 analyst estimates compiled by Bloomberg. That’s 35 percent below the U.S. Department of Agriculture’s June 12 forecast, implying the biggest reduction since at least 1973. The USDA updates its harvest and inventory estimates July 11.
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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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June 25th, 2012
Commodity Investing – At a time when Goldman Sachs Group Inc. (GS) and Credit Suisse Group AG are predicting the bear market in commodities will end, a gauge of prices for raw materials from cow hides to steel is extending the longest slump since it presaged the global recession in 2008.
Credit Suisse said June 21 that an economic recovery will spur a 9.3 percent gain in commodities in 12 months and Goldman forecast a 29 percent return on June 11. A measure of industrial commodities from the Journal of Commerce that includes rubber, plywood and burlap is signaling contraction for an 11th month, the longest stretch since a retreat of the same duration that began in August 2008.
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June 25th, 2012
Corn futures prices advanced, boosted by forecasts for more hot and dry weather in the Midwest.
In electronic trading, Chicago Board of Trade futures for July delivery were up 22 1/4 cents, or 3.8%, at $6.13 1/4 a bushel. December corn is up 28 3/4 cents, or 5.2%, at $5.82 3/4 a bushel, the contract’s highest level since January.
Forecasters predict hot temperatures and low chances of rain across the corn belt this week. Temperatures could reach 100 degrees later this week in areas including parts of Missouri and Illinois, according to the National Weather Service.
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June 22nd, 2012
Soybean and corn traders are bullish for a ninth week on mounting concern that dry weather will cut U.S. crop yields at a time when hedge funds are adding to wagers on higher prices.
Twenty-three analysts surveyed by Bloomberg said they expect soybeans to climb next week and three were bearish. A further four were neutral. Twenty expect gains in corn, four predicted a decline and five were neutral. Speculators raised bets on costlier soybeans for the first time in six weeks and increased net-long positions for corn from the lowest level in almost two years in the week ended June 12, U.S. Commodity Futures Trading Commission data show.
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June 15th, 2012
Corn futures and soybean rose on speculation that warm, dry weather in parts of the Midwest next week will stress crops in the U.S., the world’s biggest grower and exporter. Wheat declined.
Most fields from Missouri to Ohio will get less than 0.5 inch (1.3 centimeters) of rain over the next five days, said Kyle Tapley, an agricultural meteorologist for MDA Information Systems Inc. in Gaithersburg, Maryland. Temperatures will average about 10 degrees Fahrenheit above normal during the next seven days, making soils drier, he said.
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May 25th, 2012
Corn futures advanced in Chicago, curbing a weekly loss, as dry weather that’s reduced soil moisture in the Midwest is forecast to continue, threatening yields in the largest U.S. growing region.
In Iowa, the largest U.S. corn producer, topsoils rated as short to very short on moisture jumped to 44 percent in the seven days through May 20 from 9 percent a week earlier, the National Drought Mitigation Center reported yesterday. Topsoil moisture in Illinois, the second-largest grower, was 33 percent rated short.
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