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corn futures gain
May 13th, 2013
Corn futures climbed on concern that persistent wet weather in parts of the Midwest, the largest growing region in the U.S., raises the risk of the nation missing a record production forecast.
Wet conditions, followed by cold weather over the weekend in the western part of the Midwest, and rainfall last week in the eastern part probably caused delays in field work and sowing, DTN said in a report May 10, after the U.S. Department of Agriculture released its outlook for the 2013-14 crops. The U.S. is the world’s biggest producer of corn.
“It is too early to become complacent about supplies because exceptional weather-related production risks persist,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia (CBA), wrote in a report today.
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corn futures reach higher
April 29th, 2013
Corn futures reached a one-week high in Chicago on speculation a government report will show planting slowed in the U.S., while forecasts for cooler weather may further curb sowing. Wheat rose.
Four percent of corn crops in the major U.S. producing states were planted as of April 21, behind the five-year average pace of 16 percent, the Department of Agriculture said April 22. The agency is scheduled to update its weekly crop progress report today. Much of the Midwest, from Missouri to Michigan, had double the normal rainfall in the past two weeks, National Weather Service data show.
The USDA report may “show only minimal seeding activity took place last week, meaning crop concerns will remain heightened,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia (CBA), wrote in a report today. “The outlook for later this week shows cool, wet weather plaguing the U.S. Midwest once again, meaning spring crop development will slip even further behind schedule.”
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March 28th, 2013
Corn futures plunged the most since May, sparking a slump in soybeans and wheat, after the government said U.S. inventories were bigger than analysts forecast and that farmers will plant the most since 1936.
Inventories of corn on March 1 totaled 5.399 billion bushels in the U.S., the world’s biggest grower and exporter, the Department of Agriculture said today. While that’s down 10 percent from 2012 and a nine-year low, analysts expected 4.995 billion. Farmers will sow 97.282 million acres, up from 97.155 million in 2012 and the most in 77 years, the USDA said.
Prices this month jumped 4.5 percent before today and reached a seven-week high yesterday on concern that rising demand from makers of ethanol and animal feed would erode inventories before a record harvest arrives in September. After today’s USDA report, corn prices plunged the maximum allowed on the Chicago Board of Trade, while soybeans fell the most since September and wheat futures had their biggest drop since 2011.
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March 27th, 2013
Corn supplies in the U.S., the biggest grower, are shrinking at the fastest pace in almost four decades as improving demand from ethanol refiners drains reserves already diminished by drought.
Stockpiles probably fell 38 percent in three months to 4.995 billion bushels (126.9 million metric tons) by March 1, the biggest drop since 1975, according to the average of 31 analyst estimates compiled by Bloomberg. AgResource Co. in Chicago and Northstar Commodity Investments Inc. in Minneapolis expect prices to jump 13 percent to $8.25 a bushel before supply rebounds with a record harvest in September.
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March 21st, 2013
Corn Futures – World corn production is forecast to climb 9 percent in the 2013-14 crop year, with the U.S. harvest predicted to rise as much as 30 percent this year, the International Grains Council forecast.
Global corn stocks may jump 19 percent from a 16-year low expected at the end of the 2012-13 crop year, as output rises faster than consumption, the London-based council wrote in an e- mailed report today.
Corn prices in Chicago have dropped 14 percent from a record in August on expectations of increased U.S. production, while wheat has slumped 23 percent from a July peak.
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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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March 5th, 2013
Corn futures declined for the second time this week as snowfall in the U.S., the biggest producer, improved prospects for the crop before the planting season starts in April.
The contract for May delivery lost as much as 0.4 percent to $7.0625 a bushel on the Chicago Board of Trade, and was at $7.0825 by 11:52 a.m. Singapore time. Futures gained 0.8 percent yesterday after falling 0.7 percent on March 4, when a Bloomberg survey showed U.S. inventories may be larger than a government estimate last month.
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February 28th, 2013
Corn Futures – South Korea, Asia’s second-biggest corn buyer, may reduce imports from the U.S. for a third year as it increases cheaper purchases from South America, the largest local feed miller said.
Shipments including feed and food may fall below 2 million metric tons, from 2.84 million tons in 2012, Lee Tae Woong, a general manager at Nonghyup Feed Inc., said in an interview in Seoul on Feb. 26. Last year’s imports were the smallest amount since 2005, Korean customs data show.
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February 13th, 2013
Corn futures headed for the longest stretch of declines since 1980 in Chicago and wheat traded at a seven- month low on speculation rains in Brazil and the U.S. will help crop development.
Scattered showers and thunderstorms will aid crops in southern Brazil this week, and parts of the central and southern plains in the U.S. may have some rain next week, forecaster DTN said in a report yesterday. Brazil is set to overtake Argentina as the second-ranking exporter of corn, according to the U.S. Department of Agriculture. The U.S. ships the most wheat.
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